The infrastructure conglomerate has issued a rebuttal to the US-based short seller’s report; several group stocks continue to fall.
Hindenburg Research is not satisfied with the detailed response published by the Adani Group in response to the US-based short seller’s allegations of fraud and misgovernance at the Indian conglomerate.
In a statement issued on Monday morning in India, Hindenburg says that the Adani Group failed to respond to 62 out of the 88 questions and only provided generalized deflections to allegations.
From Hindenburg’s response:
Our report detailed a vast labyrinth of offshore shell entities directed by or associated with Vinod Adani, the older brother of Chairman Gautam Adani. These entities included 38 entities in Mauritius, along with others in …
Advait is a financial journalist and a former writer at The Morning Context. Here, he wrote on India’s banks, the wider financial services industry and the fintech ecosystem. He has previously worked with the Economic and Political Weekly, Business Standard, BloombergQuint and MediaNama, where he covered everything from the Reserve Bank of India to fintech policy.
Writer
advait@mailtmc.com
Mumbai