Hindenburg report was an attempt to tarnish the group’s image: Gautam Adani

Adani Group Chairman Gautam Adani addresses during the Annual General Meeting (AGM) of his group companies, on Tuesday, July 18, 2023.
| Photo Credit: PTI

Gautam Adani on Tuesday said that the U.S.-based short seller Hindenburg Research’s report on the group was a deliberate, malicious attempt at damaging the group’s reputation and generate profit by driving down its stocks in the short term.

He described the report as a mix of targeted misinformation and discredited allegations written by vested interests. He said this while addressing the Annual General Meeting of the group firms in Ahmedabad.

“The report was a combination of targeted misinformation and discredited allegations, the majority of them dating from 2004 to 2015,” he said in his speech.

After the damning report by the short seller that raised questions about the group’s finances and accused it of accounting fraud, the group has reportedly questioned the timing and motive of the report.

Earlier in a 400 page rebuttal, the group had dubbed the report as an “attack on India.”

In his speech, Mr. Adani said the group raised finances from the international markets and no credit agency internationally cut any ratings of the group.