Adani Group Vehemently Rejects Hindenburg's Latest Report, Terms It 'Malicious,' 'Mischievous' And 'Manipulative'

The Adani Group has strongly rejected the latest allegations from Hindenburg Research, describing them as “malicious,” “mischievous,” and “manipulative” according to a report by Livemint.

In a statement to stock exchanges, the Adani Group dismissed the claims made by the US-based short-seller, asserting that its overseas holding structure is completely transparent.

It stated, “The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing. We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements."

The statement further continues, "For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws."

Hindenburg Research's latest investigative report accuses Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch of having a stake in obscure offshore entities allegedly involved in the Adani Group’s ‘money siphoning scandal.’

Madhabi Puri Buch and her husband Dhaval Buch have also responded to the Hindenburg report, calling it ‘baseless,’ ‘devoid of any truth,’ and an attempt at ‘character assassination.’

The allegations against the SEBI Chairperson come at a time when the Adani Group has been under scrutiny following Hindenburg Research's damning report in January 2023.

The report accused the Adani Group of financial irregularities, leading to a significant drop in the company's stock price. The Adani Group has repeatedly denied all the accusations made in the Hindenburg Research report.

In response to petitions filed by activists, the Supreme Court had ruled that there was no regulatory failure on the part of SEBI, allowing the latter to carry on its investigations about the allegations made by Hindenburg Research in 2023.

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