Gautam Adani dismissed the allegations from the Hindenburg report as unfounded during Adani Enterprises’ Annual General Meeting on Monday.
“We faced baseless accusations from a foreign short seller that challenge our decades of hard work,” Adani stated.
However, Adani did not mention the name of the short seller.
“Typical short sellers aim to profit from the financial markets. This case was different,” he continued. “It was a dual-sided attack with vague criticisms of our financial standing.”
Adani attributed the controversy to misinformation that turned the situation into a political battleground.
“The attack was strategically timed just two days before the closing of our follow-on public offer, amplified by a segment of the media with vested interests, aiming to defame us, cause maximum harm, and undermine our hard-earned market position,” he remarked.
The Hindenburg report had alleged that Adani utilized tax havens and raised concerns about the company’s debt levels, as well as accusations of engaging in stock manipulation activities. The Adani group countered these allegations, dismissing them as “unsubstantiated speculations.”
