New Delhi: Amid the ongoing row over alleged allegations levelled by the Hindenburg report, the research firm claimed that ‘fraud cannot be obfuscated by nationalism’ claiming that the Adani group’s ‘bloated response’ ignored ‘every key allegation we raised’.
The response from the Hindenburg report comes in the wake of an extensive 413-page report released by Adani Group that dismissed all the allegations against it and termed the report as an ‘attack on India and its independent institution’.
Earlier on January 24, Hindenburg Research published a report accusing the Adani Group of accounting fraud and stock manipulation over decades that led to a nearly $ 51 billion sell-off in shares of the port-to-energy Indian conglomerate.
The statement by Hindenburg research added that “We disagree. To be clear, we believe India is a vibrant democracy and an emerging superpower with an exciting future. We also believe India’s future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation.”
Talking about the claims made by Adani Group, the statement added that “It also predictably tried to lead the focus away from substantive issues and instead stoked a nationalist narrative, claiming our report amounted to a “calculated attack on India.”
The group said its report asked 88 specific questions of the Adani Group and in its response, Adani failed to specifically answer 62 of them. “Instead, it mainly grouped questions together in categories and provided generalized deflections”
“In other instances, Adani simply pointed to its own filings and declared the questions or relevant matters settled, again failing to substantively address the issues raised,” the Hindenburg group said.
(With Agency Inputs)
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