Gautam Adani & Hindenburg Research Report Row: BT Exclusive Interview with Adani Group CFO

Adani Group’s
accusations against

Adani Group has accused Hindenburg of not doing proper research and copying from the company’s disclosure. It said that, alternatively, it could have done the research and still misled the public 

Gautam Adani vs
Hindenburg Research 

Adani Group Chief Financial Officer Jugeshinder Singh, in an exclusive interview with Managing Editor, Business Today Television, Siddharth Zarabi said that Hindenburg Research misrepresented the business group 

Adani Group had filed a 413-page response to the Hindenburg report. Singh said that the report had asked 88 questions out of which, “68 questions are bogus and misrepresenting. They did not do any research – they cut, copied, pasted and the report was a hit job on the FPO”

Adani Group’s response
to Hindenburg
Research report

Adani stock price
crashed following
issuing of FPO 

Adani Group issued a FPO (Follow on Public Offer) on January 27, days after the release of the Hindenburg report. The same day, Adani share price crashed below the FPO band to hit a low of Rs 2,712

Adani Group calls
Hindenburg Report 'a lie'

“We do (accept criticism), but we don’t accept lies. There are questions on someone’s personal family office, which we cannot answer. We provided all the answers we could, Hindenburg’s report is bogus based on lies and misrepresentation," said Singh

Is Adani Group’s
audit firm at fault?

Adani Group also defended small audit firm Shah Dhandharia after Hindenburg's report questioned its capability to handle the conglomerate's auditing. Singh said, “If we are helping a small Indian firm, is this a bad thing? We have 21,000 small vendors.” 

Will MSCI drop Adani
stocks from index?

CFO Jugeshinder Singh said Morgan Stanley Capital International (MSCI) is yet to reach out to Adani Group. All Adani Group stocks including Adani Enterprises, Adani Ports, Adani Transmission, Adani Total Gas, Adani Power, Adani Green, ACC and Ambuja except Adani Wilmar have a nearly 5.75% weight on MSCI 

Adani Group’s
credit ratings

Adani Green is growing at an annual rate of 40%, and State Bank of India (SBI), Adani Ports, Adani Green, and Adani Transmission have the same credit ratings. Further, SBI and the Life Insurance Corporation of India (LIC) are among Adani Group’s biggest investors, says Jugeshinder Singh 

Hindenburg calls Adani
Group ‘biggest con in
corporate history’

Hindenburg Research has called Adani Group the "biggest con in corporate history" as it claimed that the ports-to-power conglomerate engaged in stock manipulation and accounting fraud over decades. Adani Group in response said short-seller Hindenburg made windfall gain by calculated securities fraud

Rajesh Adani, Vinod Adani: The Adani Family Members In The Eye Of Hindenburg Storm

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