The Adani Group predictably tried to lead the focus away from real difficulties and instead fanned a nationalist narrative, according to the US-based investment research firm. The Adani Group has allegedly attempted to connect its stratospheric rise and the fortune of its chairman, Gautam Adani, with the prosperity of India itself, according to a strongly worded reaction from Hindenburg Research. We are at odds. To be clear, we think India is a thriving democracy and a superpower on the rise with a promising future. We also think that the Adani Group, which has swathed itself in the Indian flag while methodically robbing the country, is holding back India’s development. We also think that fraud is fraud, even if it’s committed by one of the richest people in the world, the statement continued. According to a damning investigation by Hindenburg Research, the Adani Group engaged in flagrant stock manipulation and accounting fraud, which resulted in carnage at Dalal Street.According to damning research by Hindenburg Research, the ports-to-energy conglomerate lost approximately $50 billion in market value as a result of Adani Group’s blatant stock manipulation and accounting fraud plan. Adani Group said in a 413-page response that the research was motivated by an ulterior goal to create a phoney market in order for the US company to profit financially.According to Adani Group, 65 of the 88 concerns posed by Hindenburg are related to issues that Adani portfolio businesses have properly disclosed. Of the remaining 23 questions, 18 concern public shareholders and other parties (rather than the Adani portfolio firms), and the remaining 5 are unfounded charges based on fictitious data.Comment down your thoughts.
