Fraud cannot be obfuscated by nationalism: Hindenburg hits back at Adani

Hitting back at the Adani Group’s 413-page response to its report, Hindenburg Research said that the Indian conglomerate’s response to its report “largely confirmed” the short-seller’s findings.

Hindenburg continues to short Adani Group through its US-traded bonds and non-Indian-traded derivative instruments.

“…we note that the core allegations of our report – focused on numerous suspect transactions with offshore entities – were left completely unaddressed,” Hindenburg said.

It also said that fraud cannot be obfuscated by nationalism or bloated response that ignores every key allegation.