"Totally false story had been weaponised": Gautam Adani on Hindenburg's report

Mumbai (Maharashtra) [India], October 10 (ANI): Adani Group Chairman Gautam Adani, on Friday, recounted the sharp impact of a "false" script weaponised against the conglomerate by Hindenburg Research, a foreign short-seller, which resulted in the USD 100 billion market value erased.

He said in today's world, the truth must also be loudly proclaimed as "silence leaves space for others to script your destiny."

Addressing students at Whistling Woods International Institute in Mumbai, Adani Group Chairman said, "I can say from my personal experience, because I saw first-hand how swiftly a false script could be propagated when, in January 2023, a foreign short seller, Hindenburg Research, launched a calculated attack against us. It was not just a short seller report that they had published, but a manipulated script crafted to provoke doubt and amplified through multiple global echo systems."

In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, leading to a significant drop in the company's stock price. The group at the time had rubbished these claims.

The Adani group has repeatedly denied all the accusations in the Hindenburg Research report.

He revealed how the market reacted dramatically to the false narrative. "In a matter of days, over USD 100 billion of our market value was erased, not because any fundamentals had changed, not because facts had failed, but because a totally false story had been weaponised."

Adani added that although his group reclaimed the narrative and emerged stronger, the episode underscored the power of perception over facts in today's world.

"That period revealed a reality we are living in: an era where narratives move markets faster than numbers, where headlines can undo decades of hard work, and where stories of truth trail stories of perception," he added.

He emphasised the need for proactive communication, adding that "This experience taught me that in today's world truth must also be loudly told. For silence leaves space for others to script your destiny. If we do not narrate who we are, others will rewrite who we were. That is why we must own our story, not with arrogance, but with authenticity, not as propaganda, but as purpose."

Last month, the Securities and Exchange Board (SEBI) gave its conclusion in the matter of the allegations made by the US Short seller Hindenburg against the Adani Group. SEBI concluded that there is no violation of the listing agreement or SEBI Listing Obligations and Disclosure Requirements (LODR), and the impugned transactions do not qualify as "related party transactions".

Adani concluded by urging businesses and individuals to own their stories with sincerity: "That is why we must own our story, not with arrogance, but with authenticity, not as propaganda, but as purpose." (ANI)

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