‘Adani Group draped itself in Indian flag while systematically looting nation,’ says Hindenburg

Activist short seller firm Hindenburg Research has said that the ports-to-power conglomerate is holding India’s future back. The firm further claimed that Adani Group has draped itself in the Indian flag while looting the country systematically. 

Hindenburg said in its statement, “To be clear, we believe India is a vibrant democracy and an emerging superpower with an exciting future. We also believe India’s future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation.”

The firm added it believes fraud is fraud even when it is perpetuated by one of the wealthiest individuals globally. 

Hindenburg’s statement comes hours after the Adani Group issued a note to its stakeholders rebutting the allegations levelled by the short seller firm. In its note to stakeholders, the Adani Group said that the report is an attempt not only to attack a specific company but also to tarnish India’s image. 

The Group stated, “This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India”.

The group further mentions that the report claimed to have undertaken a two-year-long investigation and uncovered evidence but had “nothing other than selective and incomplete extracts of disclosed information which has been in the public domain for years”.

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