Objective to destabilise us, says Gautam Adani on Hindenburg report

Over a year after the US-based investment research firm Hindenburg published a report on the Adani Group stocks which led to a massive stock rout in his group companies, Adani Group Chairman Gautam Adani on Wednesday said that the report was an attempt to destabilise the Group and defame the current administration in India.

"... Last year, January 24, we were subject to a massive attack by a US short seller. The objective was just not to destabilize us, but also to politically defame India's governance practices. Despite the efforts to shake our foundation, we stood firm, not just safeguarding our reputation but also ensuring we remained focused on our operations..." said Gautam Adani, addressing entrepreneurs at the Young Presidents' Organisation (YPO) Bombay chapter event.

Last January Hindenburg Research published a report against the Adani group companies alleging that the conglomerate was involved in accounting fraud, stock market manipulation, and fraudulent transactions. This triggered a massive fall in the stock prices of Adani Group companies leading to a loss of $111 billion worth of investor wealth.


In addition to Hindenburg Research, the Financial Times and the OCCRP (The Organized Crime and Corruption Reporting Project) highlighted alleged malpractices by the Group, particularly in its use of offshore havens.

On Wednesday amid weakness in the overall market, Adani Group stocks plunged up to 13%, erasing nearly Rs 90,000 crore from the combined market capitalization of the 10 listed stocks.