On Tuesday (July 18), billionaire businessman Gautam Adani hit out at US-based short-seller ‘Hindenburg Research’ at the annual general meeting (AGM ) of Adani Enterprises.
“While we promptly issued a comprehensive rebuttal, various vested interests tried to exploit the claims made by the short seller. These entities encouraged and promoted a false narrative across various news and social media platforms,” he emphasised.
The businessman added, “Consequently, the honourable Supreme Court of India constituted an expert committee to look into the matter…The committee included individuals, known for their independence and integrity. The report of the expert committee was made public in May 2023,”
#WATCH | "…While we promptly issued a comprehensive rebuttal, various vested interests tried to exploit the claims made by the short seller. These entities encouraged and promoted a false narrative across various news and social media platform. Subsequently, the SC constituted… pic.twitter.com/wiKnEakusi
— ANI (@ANI) July 18, 2023
“The expert committee did not find any regulatory failure…The committee’s report not only observed that the mitigating measures undertaken by your company helped re-build confidence but only cited that there were credible charges of targetted destabilisation of the Indian market,” Gautam Adani concluded.
Hindenburg Research report accuses Adani Group of fraud and stock price manipulation
Hindenburg Research, which claimed of having conducted an investigation for the past two years, said Gautam Adani, the founder and chairman of the Adani Group, has a net worth of approximately $120 billion, mainly due to an 819% average stock price growth in the group’s seven most significant publicly traded companies over the last three years.
The research involved interviewing multiple individuals, including former senior executives of the Adani Group, examining thousands of documents, and conducting due diligence site visits in nearly a dozen countries, Hindenburg Research said.
“Even if you ignore the findings of our investigation and take the financials of Adani Group at face value, its seven key listed companies have 85% downside purely on a fundamental basis owing to sky-high valuations,” said the forensic financial research company in its report.
US-based investment research firm Hindenburg Research published a 32,000-word report, accusing the Adani Group of stock manipulation and use of tax havens.
The Adani Group trashed the Hindenburg Research report as a “malicious combination of selective misinformation and stale, baseless and discredited allegations”. On January 29, the Indian conglomerate slammed Hindenburg Research with a 413-page report, dismissing allegations levelled by the latter
