In reply to Adani Group’s 413-page rebuttal of Hindenburg Research’s January 24 report, the US-based research firm on Monday said that the “fraud cannot be obfuscated by nationalism or a bloated response that ignores every key allegation”. It said that the group “tried to lead the focus away from substantive issues and instead stoked a nationalist narrative”.
On Sunday, Adani Group replied to Hindenburg’s allegations of malpractice by stating that the report was driven by “an ulterior motive” to “create a false market” to allow the US firm to make financial gains. The report has, to date, led to Adani stocks suffering a $48 billion rout.
