The Hindenburg report allegations were baseless, said Gautam Adani in the Annual General meeting of Adani Enterprises on Monday.
“We were faced with baseless accusations made by a foreign short seller that questions our decades of hard work,” Adani said.
Adani, however, did not name the short seller.
“Typical short sellers target gains from the financial market . This was different,” he Adani said.” It was a two-sided attack on vague criticism of our financial standing,” he added.
Information distortions dragged the company to a political battlefield according to Adani. “The attack was a calculated strike two days before the closing of our follow-on public offer amplified by a segment of vested media that was designed to defame us, do maximum damage and erode our hard earned market share,” he said.
Hindenburg’s report alleged that Adani used tax havens and flagged concerns about debt in the company. It alleged that the company has engaged in stock manipulation activities.
The Adani group called the report baseless and termed the allegations “unsubstantiated speculations”.
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Published: 24 Jun 2024, 12:19 PM IST