Reply To: What’s Next for Adani Group After Short Seller Hindenburg Report Wipes Out Over $50 Billion in Market Value


On Sunday, the energy and infrastructure group released a strongly worded document addressing the allegations of fraud and misconduct put forth last week by Hindenburg Research. The New York-based firm, which was founded by Nathan Anderson, alleged that stock manipulation and questionable business and accounting practices had caused the market valuation of Adani’s key listed companies to appreciate sharply over the past few years.

Adani Group said the short seller’s report was “nothing but a lie.” It called the report “a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India.” It said most of the 88 questions raised by Hindenburg had already been addressed through public disclosures, and it included answers to each of them.