‘Malicious Attempt Aimed At Damaging Our Reputation’: Gautam Adani Flays Hindenburg Report

Gautam Adani, chairman of Adani Group, on Tuesday said US-based short seller Hindenburg Research’s report was a deliberate, malicious attempt at damaging the conglomerate’s reputation and generate profit by driving down its stocks in the short term. He said that the short seller’s report was a combination of targetted misinformation and discredited allegations written by vested interests, according to ANI.

Adani was addressing the group’s Annual General Meeting (AGM) 2023, where he said the Hindenburg Research released the report just before the Adani Enterprises’ follow-on public offer (FPO). The group was planning to launch the largest FPO in India’s history and the short-sller report was a combination of targeted misinformation, and discredited allegations, he said.

#WATCH | “…The report was a combination of targeted misinformation and discredited allegations. The majority of them dating from 2004 to 2015. They were all settled by authorities at that time. This report was a deliberate and malicious attempt aimed at damaging our… pic.twitter.com/yEH5r3Duff

— ANI (@ANI) July 18, 2023

“The report was a combination of targeted misinformation and discredited allegations. The majority of them dating from 2004 to 2015. They were all settled by authorities at that time,” he said, and added, “This report was a deliberate and malicious attempt aimed at damaging our reputation…”

In his address to the shareholders during the AGM, Adani mentioned that the group raised several billions from global investors and no credit agency internationally cut any ratings of Adani Group.

He said, “Within the next decade, India will start adding a trillion dollars to its GDP every 18 months. This puts us on track to be a 25 to 30 trillion-dollar economy by 2050 and will drive India’s stock market capitalization to over 40 trillion dollars – approximately a10X expansion from current levels. Our country is now the most exciting land of opportunities. We have always expressed our belief in our growth with goodness philosophy and our track record speaks for itself. Your group will continue to consolidate what it has built while looking at expanding its horizons.”