Hindenburg rejects Adani charge, says fraud cannot be obfuscated by nationalism

Adani Group's malfeasance was a "calculated attack" on India, saying a "fraud" cannot be obfuscated by nationalism or a bloated response that ignored key allegations.
Gautam Adani
Gautam AdaniIANS

NEW DELHI: US short seller Hindenburg Research has dismissed charge that its report on Adani Group's malfeasance was a "calculated attack" on India, saying a "fraud" cannot be obfuscated by nationalism or a bloated response that ignored key allegations.

Adani group's listed companies have lost over USD 70 billion since the January 24 report of the New York firm that flagged high debt levels at the ports-to-energy conglomerate and the alleged use of offshore entities in tax havens. The Indian group has denied all charges and threatened to sue the US firm.

Hindenburg responded to a 413-page detailed statement issued by the Adani Group late on Sunday, saying it failed to specifically answer 62 of its 88 questions, and conflated the company's "meteoric rise" and the wealth of Asia's richest man "with the success of India itself".

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