False Allegations In Hindenburg Report: Gautam Adani

Hindenburg Research’s report on the Adani Group was “targeted misformation” aimed to damage its reputation and misused by “vested interests”, Gautam Adani, has said.

“The report was a combination of targeted misinformation and outdated, discredited allegations aimed at damaging our reputation and generating profits through a deliberate drive-down of our stock prices,” he said.

“The short-selling incident resulted in several adverse consequences that we had to confront. Even though we promptly issued a comprehensive rebuttal, various vested interests tried to opportunistically exploit the claims made by the short seller. These entities engaged and encouraged false narratives across news and social platforms,” said Adani.

“The Committee’s Report not only observed that the mitigating measures undertaken by your company helped rebuild confidence but also cited that there were credible charges of concerted destabilization of the Indian markets. It also confirmed the quality of our Group’s disclosures and found no instance of regulatory failure or any breach. While the SEBI is still to submit its report in the months ahead, we remain confident of our governance and disclosure standards,” Adani said, referring to India’s market regulator.