India: Adani Group has issued a rebuttal against a recent report by Hindenburg Research accusing it of accounting fraud and stock manipulation. In the 413-page rebuttal, the group identifies the report as a 'calculated attack on India.' Adani Group clarified that that its operations complied with 'all local laws' and that it had made necessary regulatory disclosures, according to the group.
BBC News has reported that Hindenburg Research denied the accusation of anti-Indian sentiment, calling the country an 'emerging superpower with an exciting future.' Hindenburg Research said "India's future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation."
Hindenburg Research accused Adani Group in late January 2023 of conducting a 'stock manipulation and accounting fraud scheme' over a period of ‘decades.’ It published its allegations in a report on its website. The investment research firm also disclosed that it had taken a short position on Adani Group, meaning that it might make money should the price of shares in Adani Group drop.