Adani Group hits back at Hindenburg Research report with a detailed response
By MYBRANDBOOK
Issuing a detailed 413-page riposte to New York-based short seller Hindenburg Research, the Adani Group said that "unsubstantiated allegations and misleading narrative are backed by relevant documents".
The Ahmedabad-based conglomerate led by Gautam Adani said that it complies with all local laws and had made the necessary regulatory disclosures. It further added that the Hindenburg report was intended to enable the US-based short seller to book gains, without citing evidence.
“The Hindenburg report has been made with a clear intent to profiteer at the cost of our shareholders and public investors. Its report is neither "independent" nor "objective". It is a manipulative document that is rife with conflict of interest and intended only for creating a false market in securities to book wrongful gain, which clearly constitutes securities fraud under Indian law,” it said.
“Of the 88 questions posed by Hindenburg, it is pertinent to note that 68 refers to the matters that have already been duly disclosed by Adani Group companies in their respective annual reports, offering memorandums, financial statements and stock exchange disclosures from time to time. Sixteen out of 20 questions are pertaining to public shareholders and their sources of funds, while the balance four are simply baseless allegations.
Needless to say that Hindenburg has created these questions to divert the attention of its target audience while managing its short trades to benefit at the cost of investors. The report claims to have undertaken a ‘2-year investigation’ and ‘uncover evidence’, but comprises nothing other than selective and incomplete extracts of disclosed information which has been in the public domain for years. We take serious objection to Hindenburg that chose to mislead the investors, watchdogs and policy makers at a time when Adani Group has launched country's largest FPO.
Adani Group is deeply committed to its stakeholders, and it is thankful to them for standing with us over the past 30 years. Shockingly, Hindenburg Research's attack on the trust of Adani Group's stakeholders undermines its commitment for the 'Growth with Goodness'," Adani Group said.
The market valuation of Adani Total Gas has meanwhile plummeted by Rs 1,04,580.93 crore, while that of Adani Transmission eroded by Rs 83,265.95 crore. Adani Enterprises market capitalisation (mcap) fell by Rs 77,588.47 crore, Adani Green Energy lost Rs 67,962.91 crore and Adani Ports (Rs 35,048.25 crore). The market valuation of Ambuja Cements declined by Rs 23,311.47 crore, Adani Power by Rs 10,317.31 crore, ACC by Rs 8,490.8 crore and Adani Wilmar by Rs 7,258.7 crore.
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