Ahmedabad: Adani Group Chairman Gautam Adani on Tuesday once again slammed the Hindenburg Research report. Addressing the company’s 31st Annual General Meeting (AGM) 2023, Adani told investors that in January this year, the US-based group had published a report to short the company’s stocks just as they were planning to launch the largest Follow-on Public Offering in India’s history.

“The report was a combination of targeted misinformation and discredited allegations, the majority of them dating from 2004 to 2015. They were all settled by the appropriate authorities at that time. This report was a deliberate and malicious attempt aimed at damaging our reputation of the company.

 

video | “The report was a combination of targeted misinformation and miscredited allegations. This report was a deliberate and a malicious attempt aimed at damaging our reputation,” says Gautam Adani on Hindenburg Research report at the Adani Enterprises AGM. pic.twitter.com/BrbmZmCmh2— Press Trust of India (@PTI_News) July 18, 2023

Hindenburg Report is a Lie: Adani Group

The Hindenburg report, which came out this January 24, alleged stock manipulation and fraud by the conglomerate. The Adani Group had then termed Hindenburg as “an unethical short seller”, the report by the Hindenburg was “nothing but a lie”. A short-seller in the securities market books seeks to gain from the subsequent reduction in the prices of shares.