Hindenburg rates Adani’s 413-page response: ‘You didn’t answer questions, drape India’s flag while looting it’

Hindenburg Research took jabs at Adani group on Monday reiterating its allegations that the Indian conglomerate is a fraud after the Gautam Adani-led firm’s 413-page response to the short seller’s original research report. Adani’s response had said that the Hindenburg report is a “calculated attack” on India, its institutions and growth story, and that the allegations are “nothing but a lie”. Hindenburg in its response to Adani’s response said that the conglomerate, “tried to lead the focus away from substantive issues and instead stoked a nationalist narrative, claiming our report amounted to a “calculated attack on India.” In short, the Adani Group has attempted to conflate its meteoric rise and the wealth of its Chairman, Gautam Adani, with the success of India itself.”