Adani Group termed a Hindenburg Research report on the group “malicious combination of selective mis-information and stale" after the US short seller announced it held short positions in the group and made wide-ranging accusations. 

"Hindenburg Research issued a report on January 24, 2023, without attempting to get in touch with us or confirm the factual matrix, and we are shocked by this. Adani Group CFO Jugeshinder Singh described the report as a "malicious amalgam of selective disinformation and stale, unsubstantiated, and discredited charges that have been examined and dismissed by India's highest courts."

After Hindenburg, a well-known US short-seller, claimed that major listed companies in the group controlled by billionaire Gautam Adani had significant debt, which had put the entire group on a "precarious financial footing," stocks of the seven listed Adani group companies fell between 3% and 7% today.

The study is released before Adani Enterprises, the group's flagship company, makes its follow-on public offer (FPO). The floor price for the FPO issue has been established at 3,112 rupees per share, and it is scheduled to begin trading on Friday, January 27, 2023. In the late session, Adani Enterprises shares had pared some earlier losses and traded 1.5% lower at Rs3,390.

In order to harm the forthcoming follow-on public offering from Adani Enterprises, the largest FPO ever in India, the timing of the report's publishing obviously exposes an egregious, malicious desire to damage the name of the Adani Group.

Detailed analyses and assessments produced by top national and international credit rating organisations and financial specialists have always served as the foundation for the investor community's faith in the Adani Group. Our well-informed and competent investors are not swayed by biassed, vested-interest-driven, and unsupported reports, the Adani group CFO said.

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