Adani Group Chairman Gautam Adani has claimed that the Hindenburg Report published last year was "designed to defame the group". Speaking at the 32nd annual general meeting, the Chairman added that the report put out by the US short sheller was nothing but a "vague criticism".
"It was designed to defame us. It was a two-sided attack, a vague criticism on our financial standing," stated Adani, adding that the Adani Group not only survived the aftermath of the report but emerged stronger.
"Perseverance never more evident than what we demonstrated last year. Adani Group fought back against attacks on integrity, and reputation by foreign short sellers. Proved no challenge can weaken the foundations of the Adani Group," the Chairman added.
Adani added that the group has "safeguarded our portfolio against any volatility by pre-paying Rs. 17,500 crore in margin-lined financing".
"Our commitment to operational excellence, transparent disclosure was validated by the rating agencies, financial communities, and global investors like GQG, Total Energies, US Development Finance Corp. Given the multiplier effect, the government of India has rightly forecast on the infra development. Our record-breaking achievements in 2023, underscore our alignment to national priorities," he added further.
The Hindenburg Report was published on February 24, 2023 by the “Madoffs of Manhattan”. In its report, the research group accused the Adani group of manipulating stock prices and improper use of tax havens triggering a sell-off in Adani's ports-to-power business group.
In response to the Hindenburg Report, the Adani Group stated that the document is "malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations to drive an ulterior motive".
