Hindenburg Research Refutes Adani’s 413-Pages Long Response, Says ‘Fraud Is Fraud’

In the constant back and forth between the Adani Group and the Hindenburg Research, all because of a report alleging fraud by Adani, the latest developments point to Hindenburg's response. Refuting Adani's 413-pages long response, Hindenburg has said that "fraud cannot be obfuscated by nationalism."

Referring to India as a vibrant democracy and one with a bright future, Hindeburg's response goes on to add that the country's future is "held back by Adani Group." It reads, "In short, the Adani Group has attempted to conflate its meteoric rise and the wealth of its Chairman, Gautam Adani, with the success of India itself. We disagree. To be clear, we believe India is a vibrant democracy and an emerging superpower with an exciting future. We also believe India’s future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation."

It goes on to add that in terms of substance, the Adani Group's response included only about 30 pages focused on issues related to the Hindenburg report. The research team alleges that the core allegations focused on numerous suspect transactions with offshore entities were left unaddressed.

For those unfamiliar with the latest developments in Adani vs Hindenburg saga, the former has responded to Hindenburg's allegations of fraud via a response that spans over 400 pages. In the same, the Adani Group has also called Hindenburg's claims a claculated attack on India with an ulterior motive, one that is coming at a time when the company is going ahead with a huge FPO.