Gautam Adani: Hindenburg Report Aimed to Destabilize Us and Politically Defame India

The Hindenburg report, published on January 24, 2023, made several allegations against the Adani Group, including:

1. Fraudulent Transactions: The report alleged that the Adani Group was involved in fraudulent transactions, suggesting that there were irregularities or illegal activities in the financial dealings of the conglomerate.

2. Accounting Frauds: It accused the Adani Group of engaging in accounting frauds, implying that there were discrepancies or manipulations in the company’s financial records or reporting practices.

3. Stock Market Manipulation: The report claimed that the Adani Group was involved in manipulating the stock market, suggesting that the conglomerate might have engaged in activities aimed at artificially inflating or deflating the prices of its stocks for personal gain.

These allegations had serious consequences for the Adani Group, as it led to a significant decline in the stock prices of Adani group companies, resulting in a loss of $111 billion worth of investor wealth. Additionally, Gautam Adani, who was previously ranked as the world’s second richest person, fell out of the top 20 wealthiest individuals globally following the release of the report.

In response to the Hindenburg report, Gautam Adani characterized it as an attempt to destabilize the Adani Group and to defame the current administration in India. He described the report as a “massive attack” by a US short seller, aimed at not only undermining the Adani Group but also tarnishing India’s governance practices. Adani emphasized that despite these challenges, the company remained resilient, focused on its operations, and safeguarded its reputation.

Earlier, in a message to shareholders, Gautam Adani had condemned the Hindenburg report, stating that it was published on the eve of India’s Republic Day, just as the company was preparing to launch the largest Follow-on Public Offering (FPO) in India’s history. He characterized the report as a mix of misinformation and discredited allegations designed to damage the company’s reputation and profit from a deliberate decrease in its stock prices.

These statements from Gautam Adani underscore his stance on the Hindenburg report, portraying it as an orchestrated attempt to undermine the Adani Group’s credibility and financial stability.

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