Adani Group Terms Hindenburg Research's Report 'Malicious', Says Aimed At Damaging Its FPO

Reportedly, the research firm, in its report on Tuesday, raised concerns about shares of Adani group companies having a possibility of declining from their current levels, owing to high valuations.

Adani Group Terms Hindenburg Research's Report 'Malicious', Says Aimed At Damaging Its FPO
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Jugeshinder Singh, the chief financial officer (CFO) of the Adani Group, on Wednesday said the conglomerate was 'shocked' about the Hindenburg Research's report and termed it a "malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India's highest courts".

Reportedly, the research firm, in its report on Tuesday, raised concerns about shares of Adani group companies having a possibility of declining from their current levels, owing to high valuations.

"We are shocked that Hindenburg Research has published a report on January 24, 2023, without making any attempt 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 rejected by India's highest courts," the CFO said in a statement.

The timing of the report by Hindenburg Research, the CFO, in his statement, said "clearly betrays a brazen, mala fide intention to undermine" the Adani Group's reputation with the "principal objective of damaging" the upcoming Follow-on Public Offering from Adani Enterprises, the biggest FPO ever in India.

He went on to state that the investor community has always reposed faith in the Adani Group on the basis of detailed analysis and reports prepared by financial experts and leading national and international credit rating agencies. "Our informed and knowledgeable investors are not influenced by one-sided, motivated and unsubstantiated reports with vested interests," he added in the statement.

"The Adani Group, which is India's leader in infrastructure and job creation, is a diverse portfolio of market-leading businesses managed by CEOs of the highest professional calibre and overseen by experts in various fields for several decades," the CFO was quoted as saying further. "The Group has always been in compliance with all laws, regardless of jurisdiction, and maintains the highest standards of corporate governance," Singh added.

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