Jugeshinder Singh, the chief financial officer (CFO) of Adani Group, criticised US short-seller firm Hindenburg Research, claiming that they merely “copied-pasted” disclosures rather than conducting any research for their report.
A brief about Adani Group CFO Jugeshinder Singh said Hindenburg ‘copy-pasted’ our disclosures in report without doing research
In an exclusive interview with Business Today Television, Singh stated that Hindenburg should be investigated for their actions in misrepresenting the facts in the report and misleading the public. In a recent analysis on the Adani Group that spanned more than 100 pages, Hindenburg Research accused the billionaire Gautam Adani-owned company of stock manipulation, inappropriate use of tax havens, and money laundering. In addition, the short-seller questioned Adani Group’s growing debt.
The CFO of Adani Group claimed that all 88 of Hindenburg Investigation’s inquiries had been addressed and that the short-seller had relied solely on its disclosures without conducting “any research” on their part.
“Fifty-eight of these questions are fictitious and inaccurate. The report was a hit-job on the FPO because they did no investigation and simply cut, copied, and pasted it. They conducted the studies and purposefully deceived the audience, so it could be worse. Inquire with them. Asked during the interview, Singh answered, “Ask them why they distorted the 68 questions.
The Adani Group CFO said some of the remaining 20 queries were false in response to those 20.
“Yes, but we don’t tolerate lying. Then there are inquiries about a person’s private family office, to which we are unable to respond. We gave every response we could,” Singh added.
The Hindenburg’s “bogus report based on lies & misrepresentation,” he continued, “could not find anything to distort in the business of the Adani Group.”
In response, Hindenburg Research asserted shortly after the CFO of Adani Group’s interview that “fraud cannot be camouflaged by nationalism or a bloated statement that ignores every significant charge we brought.”
Five of the ten listed firms in the Adani Group kept losing ground, with two of them hitting the lower circuit.