‘Disturbed’ Adani Group calls Hindenburg research ‘maliciously mischievous’

HYDERABAD: The Adani Group, which saw a massive drop in its share value after Hindenburg website published a report of over 150 pages titled “Adani Group: How the world’s third richest man is pulling the largest con in history”, released a statement saying that the research was just a malicious attempt by Hindenburgresearch to pull the Adani Group down.

The legal group head of the Adani Group Jatin Jalundhwala in the media statement said that they published the research as they benefited from a slide in Adani shares.

It read, “Clearly, the report and its unsubstantiated contents were designed to have a deleterious effect on the share values of Adani Group companies as Hindenburg Research, by their own admission, is positioned to benefit from a slide in Adani shares. ["We hold short positions in Adani Group Companies through U.S.-traded bonds and non-Indian-traded derivatives, along with other non-Indian-traded reference securities."].”

The shares of the Adani Group, owned by Gautam Adani, dropped by over 10 percent, i.e USD $7 billion, in just one day.

The Group of enterprises also said that they would file a lawsuit against Hindenburg. However, twitter users said that the company won’t go legal as it would attract more real and legal actions against the Adani group. Opposition parties also sided towards the Hindenburg Research.

Meanwhile, some also supported the Adani Group saying that this was just an attempt to stop India’s growth.