Hindenburg Research report Adani Group: There has been a sharp decline in the shares of Adani Group companies today i.e. on Wednesday. The major reason for this decline is a report by Hindenburg Research. In the report, the research agency has described Adani Group companies as overvalued. Also expressed concern about the debt of group companies. The Adani Group has rejected the entire report and termed it as malicious. Let us inform, in the latest report of Hindenburg Research, 88 questions have been asked from Adani Group.
Adani Group has been asked 88 questions?
Hindenburg Research in its report has asked 88 questions to Adani Group. In the report, the group has been asked why Gautam Adani’s younger brother Rajesh Adani has been made the MD of the group. While he was accused of custom tax evasion, fake import documentation and importing illegal coal. In another question, the agency has asked the group why Gautam Adani’s brother-in-law Samiro Vora has been made the executive director of Adani Australia division even after his name figured in the diamond trading scam?
What has Adani Group said in its statement?
Jugeshinder Singh, Group CFO, Adani Group, said, ‘We are shocked that Hindenburg Research has published a report dated 24 January 2023 without making any effort to contact us or verify the factual matrix. The report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and debunked by the Supreme Courts of India.’
He questioned the timing of the report, saying, “The timing of the publication of the report is clearly done with the main objective of damaging the upcoming follow-on public offering (FPO) of Adani Enterprises, the largest ever FPO in India.” Shows an open, malicious intent to undermine the reputation of the group.” Let us tell you, the FPO of Adani Enterprises is going to open on 27th January. Anchor investors will be able to bid today i.e. on 25 January.
Hindenburg Research wrote in its tweet, “We have asked 88 questions to the Adani Group in the findings part of our report. As Gautam Adani claims that he believes in transparency, he should answer these simple questions. We await the response of the Adani group.” The Adani group has issued a reply regarding this entire episode.
Recently Gautam Adani, head of the Adani Group, has given many interviews. In which he said that his loan repayment record is good. He has claimed that as long as the Indian economy continues to grow, the Adani Group will also continue to grow.