Adani Group planning to take legal action against Hinderburg

27 Jan 2023 , 10:00 AM

Adani Group said in a clarification statement that Hindenburg report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts.

In an official statement, Adani Group chief financial officer Jugeshinder Singh commented, “The maliciously mischievous, unresearched report published by Hindenburg Research on 24 Jan 2023 has adversely affected the Adani Group, our shareholders and investors. The volatility in Indian stock markets created by the report is of great concern and has led to unwanted anguish for Indian citizens.”

He further added, “Clearly, the report and its unsubstantiated contents were designed to have a deleterious effect on the share values of Adani Group companies as Hindenburg Research, by their own admission, is positioned to benefit from a slide in Adani shares.”

“We hold short positions in Adani Group Companies through U.S.-traded bonds and non-Indian-traded derivatives, along with other non-Indian-traded reference securities”, he said.

Adani Group is evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg Research.

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