‘Hindenburg fraud claim was a planned hit on India,’ according to Adani Group.

Last week, the value of the Indian conglomerate Adani Group’s stock market shares wasrnreduced by more than $50 billion (u00a340.4 billion).rnAdditionally, it claimed that it had followed all local regulations and made the required regulatoryrndisclosures.rnWe have properly disclosed all of the transactions we have entered into with organizations thatrnare considered related parties under Indian law and accounting standards. Group Adani’srn413-page document released late on Sunday stated.rn
Without providing any supporting details, it continued by asserting that the Hindenburg reportrnwas written to help the US-based short seller record profits.rnIt continued, This is fraught with conflict of interest and meant simply to establish a phonyrnmarket in securities to allow Hindenburg, an admitted short seller, to earn significant financialrngain through improper tactics at the expense of several investors.rnWhen someone bets against the share price of a firm in the hope that it will decline, this isrnknown as short-selling.\rnTo be clear, we think India is a vibrant democracy and a developing superpower with arnpromising future, said Hindenburg in response.rnWhat do you think about this? Share your views in the comments below.