Business / Fraud cannot be covered with nationalism Hindenburg on Adani Group 413-page repl

Adani Group News: Hindenburg Research has rejected the allegations of Adani Group that its report against the group was an attack on India. Hindenburg Research said on Monday that India is a vibrant democracy and emerging superpower and the Adani Group is stalling India's future through 'systematic loot'.

Adani Group's clarification on the allegations

Let us tell you that Hindenburg Research had accused Adani Group of fraud, after which there has been a huge decline in the shares of group companies in the last few days. Adani Group has issued a 413-page 'clarification' on Sunday in response to Hindenburg Research's allegations.

Hindenburg Research sticks to its report

On the other hand, Hindenburg Research stands by its report. In this report, it was said that a two-year investigation has revealed that Adani Group has been involved in manipulation of shares and rigging of accounts for decades.

Hindenburg Research said that Asia's richest man Gautam Adani's group started its response with the claim that we are the 'Madoff of Manhattan'. Bernard Lawrence Madoff was arrested in 2008 in the Ponzi scam and sentenced to 150 years.

'Premeditated attack on India'

Adani Group had said in response to these allegations on Sunday evening that it was a deliberate attack on India by Hindenburg. The group had said that these allegations are nothing but 'lies'.

Adani Group had said that this report is an attempt to create an artificial market so that financial benefits can be provided to American companies by bringing down the prices of shares. The group had also said that this report has been issued with an ulterior motive based on wrong facts.

The group had said, "This is not just an unwarranted attack on a specific company, but a systematic attack on the independence, integrity and quality of India, Indian institutions, and India's growth story and ambitions."

'Fraud is fraud'

Hindenburg Research, in its response, said that fraud is fraud, even if it is committed by the richest man in the world. Hindenburg said that we had asked Adani Group 88 specific questions out of which the group failed to answer 62 correctly. The market valuation of Adani Group companies has declined by more than $50 billion in just two trading sessions following a report by a small New York based company specializing in short selling. Adani himself has suffered a loss of 20 billion dollars. After this report, Adani's wealth has decreased by about 20 percent.