Gautam Adani said, “Last year, January 24, we were subject to a massive attack by a US short seller. The objective was just not to destabilize us, but also to politically defame India’s governance practices. Despite the efforts to shake our foundation, we stood firm, not just safeguarding our reputation but also ensuring we remained focused on our operations.”

What did the Hindenburg report claim?

On January 24, 2023, Hindenburg published its report against Adani group companies alleging that the group was involved in fraudulent transactions, accounting frauds as well as stock market manipulation. This led to a massive stock rout in Adani group companies which lost $111 billion worth of investor wealth. Gautam Adani- who was listed as the world’s second richest at the start of 2023- slipped out of the top 20 after the report was released.

What Gautam Adani said on Hindenburg report earlier?

In a message to shareholders last year, Gautam Adani said, “On the eve of our Republic Day, a US-based short seller published a report just as we were planning to launch the largest Follow-on Public Offering (FPO) in India’s history. The report was a combination of targeted misinformation and outdated, discredited allegations aimed at damaging our reputation and generating profits through a deliberate drive-down of our stock prices.”