The Adani Group on Thursday said it’s planning to sue Hindenburg Research which came out with a “maliciously mischievous” report alleging “brazen stock manipulation and accounting fraud scheme” over the course of decades by the group.
“We are evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg Research,” Jatin Jalundhwala, Group Head – Legal, Adani, said in a statement.
“The maliciously mischievous, unresearched report published by Hindenburg Research on January 24, 2023 has adversely affected the Adani Group, our shareholders and investors. The volatility in Indian stock markets created by the report is of great concern and has led to unwanted anguish for Indian citizens,” Adani said.
