January 13, 2025

“Adani Group Accuses Hindenburg of Targeted Misinformation and Profit-Driven Tactics in Annual Report”

The Entrepreneur Bytes Team June 27, 2023 283

In the annual report of Adani Enterprises, Gautam Adani, Chairman of the Adani Group, addressed the damaging report released by Hindenburg Research, stating that it was aimed at tarnishing the conglomerate’s reputation and profiting from a decline in Adani stocks. Adani emphasized the confidence of the group in its governance and disclosure standards.

In the annual report of Adani Enterprises, Gautam Adani, Chairman of the Adani Group, addressed the damaging report released by Hindenburg Research, stating that it was aimed at tarnishing the conglomerate’s reputation and profiting from a decline in Adani stocks. Adani emphasized the confidence of the group in its governance and disclosure standards.

Adani highlighted the timing of Hindenburg’s report, which coincided with the group’s plans to launch the largest Follow-on Public Offering (FPO) in India’s history. He described the report as a combination of targeted misinformation and outdated, discredited allegations, orchestrated to damage the group’s reputation and drive down stock prices. Consequently, the FPO was withdrawn to safeguard the interests of investors.

Adani acknowledged the adverse consequences resulting from the short-selling incident and the subsequent spread of false narratives across various media platforms. Despite promptly issuing a comprehensive rebuttal, vested interests attempted to exploit the claims made by the short seller.

Adani mentioned that an expert panel, appointed by the Supreme Court and comprised of individuals known for their independence and integrity, found no regulatory failures within the conglomerate. He emphasized that the committee’s report acknowledged credible charges of concerted destabilization of the Indian markets.

While awaiting the report from the Securities and Exchange Board of India (SEBI), Adani expressed confidence in the group’s governance and disclosure standards. The Hindenburg Research report, released in January, had accused the conglomerate of stock manipulation, fraudulent transactions, and other financial misdeeds.

Adani also discussed the Indian economy, highlighting the importance of stable governance for laying the foundation of growth. He emphasized the positive impact of structural reforms and the country’s young demographics, coupled with the expansion of internal demand, as key factors for strong, sustainable, and balanced growth.

The Adani Group continues to address the allegations raised by Hindenburg Research while maintaining its commitment to transparency, governance, and the best interests of its shareholders.

Sources By Agencies

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