Billionaire Gautam Adani claimed on Tuesday that the Hindenburg report, which was published in January 2023, was a compilation of carefully chosen false facts intended to harm the reputation of the Adani Group.
Details on the purpose of the Hindenburg report was to harm our reputation and lower the value of our stocks: 2023 AGM with Gautam Adani
He continued by saying that the story was intended to harm the conglomerate’s reputation and make money by causing its stock prices to fall.
Speaking during the group’s 2023 Annual General Meeting, Adani claimed that the research published by US-based short seller Hindenburg Research immediately before the follow-on public offer was an intentional attempt to harm the company’s reputation.
“The report by Hindenburg was an evil ploy intended to harm Adani and the group’s reputation. In order to safeguard investors’ interests, we ultimately chose to refund the funds despite a fully subscribed FPO, Adani stated.
It should be remembered that in its damning research, Hindenburg Research accused Adani Group of accounting fraud and stock price manipulation. This resulted in a precipitous decline in the value of Adani Group equities, which at their lowest point reduced the market value of the conglomerate by nearly $145 billion.
The Adani Group has previously refuted all of Hindenburg Research’s accusations and asserted that “vested interests” had attempted to capitalize on Hindenburg’s claims.
Tuesday, Adani added: “…While we swiftly issued a thorough denial, several vested interests attempted to take advantage of the short seller’s allegations. Through numerous news and social media platforms, these organizations encouraged and pushed a false narrative. The SC then established a committee to investigate the situation.The expert group did not discover any failures of the regulators when the report was made public in May 2023.
The Committee’s Report noted that the mitigating actions taken by your company helped restore confidence, but it also acknowledged that there were plausible claims of deliberate destabilization of the Indian markets, he said. Additionally, it endorsed the accuracy of our Group’s disclosures and revealed no instances of any violations. Despite Sebi’s report not having yet been submitted, we are still confident in our governance and transparency requirements.