Indian billionaire Gautam Adani’s group published a 413-page rebuttal after allegations of fraud by short seller Hindenburg Research erased $51 billion of his flagship firm’s market value.
Some 65 of the 88 questions have been addressed in Adani’s public disclosures and the conduct of the American short seller “is nothing short of a calculated securities fraud under applicable law,” Adani Group said in a statement Sunday. It reiterated it will “exercise our rights to pursue remedies to safeguard our stakeholders before all appropriate authorities.”
The lengthy response comes ahead of the final few days of a $2.5 billion share sale by Adani Enterprises Ltd., which received overall subscriptions of 1% on Friday.
