Hindenburg: Adani reiterates confidence in governance, disclosure standards

New Delhi, June 27

Five months after a bombshell short-seller report lopped off billions of dollars in market value of his empire, Gautam Adani has reiterated that his ports-to-energy conglomerate remains confident in its governance and disclosure standards.

Targeted misinformation

It was a combination of targeted misinformation and outdated, discredited allegations aimed at damaging our reputation and generating profits through a deliberate drive-down of our stock prices.

Gautam Adani, industrialist

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In the annual report of group’s flagship firm Adani Enterprises Ltd, the Adani Group chairman said a Supreme Court-appointed panel of experts found no regulatory failure.

Hindenburg Research on January 24 accused Adani of “brazen stock manipulation and accounting fraud” and using “labyrinthian network” of shell companies for surreptitious money movements, allegations that the conglomerate has strongly denied, calling the report “a calculated attack on India”.

The report lopped off close to $150 billion in market value of the group’s list companies at the lowest point and led to Adani losing the richest Indian tag.