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Group’s CFO told the report nonsense, said – conspiracy to harm the upcoming FPO. Adani Group says it is shocked at Hindenburg report, says it’s an attempt to damage upcoming FPO of Adani enterprises

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  • Adani Group Says It Is Shocked At Hindenburg Report, Says It’s An Attempt To Damage Upcoming FPO Of Adani Enterprises

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The Adani Group has suffered a major setback since a report by Hindenburg Research LLC of America came to the fore. In fact, Hindenburg Research said in a report on Wednesday that all 7 major listed companies of Adani Group have high debt. Along with this, Hindenburg also described the shares of all the group companies as overvalued by more than 85%.

Adani Group accused of market manipulation and accounting fraud
Not only this, forensic financial research firm Hindenburg in its report has also accused the Adani Group of market manipulation, accounting fraud and money laundering over several decades. Short seller Hindenburg said it will hold short positions in Adani Group shares through US-traded bonds and non-Indian traded derivative instruments. Along with this, in his report, Hindenburg also expressed concern over the debt of Adani Group.

Shares of Adani Group companies fell drastically due to the report
After this report of the firm came out, there was a huge decline in the shares of all the listed companies of Adani Group. On Wednesday, Adani Transmission closed down 8.08%, Adani Ports 6.13%, Adani Wilmar 4.99%, Adani Power 4.95%, Adani Total Gas 3.90%, Adani Green Energy 2.34% and Adani Enterprises 1.07%. Ambuja Cement, ACC 7.14% and NDTV 5.00%, were recently bought by Adani Group.

Adani Group’s CFO Jugshinder Singh rubbishes the allegations
However, Adani Group’s Chief Financial Officer (CFO) Jugshinder Singh has called this report nonsense. Describing the report as factless, he said that the allegations made are baseless. This report is motivated by malicious intent. Hindenburg Research did not attempt to contact us or verify the metrics. This report is full of misinformation.

Adani Group's statement on Hindenburg Research's allegations.

Adani Group’s statement on Hindenburg Research’s allegations.

Published the report to harm the upcoming FPO
Singh said that the report was made by mixing baseless and defamatory facts, which were also rejected by the Supreme Court of India. He said, ‘The timing of publishing this report has been carefully chosen.’

Jugshinder Singh said, ‘This report has been published with the aim of harming the upcoming follow-on public offering (FPO) of Adani Enterprises. This has been done with malicious intent to damage the image of Adani Group. 20 thousand crore rupees FPO of Adani Enterprises is coming on 27 January 2023.

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