The Adani Group vs The Hindenburg research report is turning ugly day by day. Adani Group stocks fell 5-20% on Friday, wiping out ₹3.19 trillion in investor wealth after Hindenburg Research said it stood by its findings of alleged share price manipulation and accounting fraud by the conglomerate led by the World’s 11th richest man Gautam Adani & his family. The short-seller firm Hindenburg report published detailed research and the New York-based firm claimed that it prepared the report in the past 2 years by closely following Adani’s investment and stocks. Hindenburg published its research by calling Gautam Adani- ‘The Longest & Biggest Corporate Fraud Ever’ which the Adani Group strongly denied. Hindenburg’s research report raised 88 questions in its paper from the Adani Group which the Indian-conglomerate company later rubbished the accusations. Although the Adani Group came forward and denied the allegations labeled by the US-based research team Hindenburg Research counter alleged citing not addressing any ‘substantive issue’ raised in their report. Following that, the Adani Group raised 400-plus pages of rebuttal, however, Hindenburg rejected it and shared their statement saying, “Fraud Cannot Be Obfuscated By Nationalism Or A Bloated Response That Ignores Every Key Allegation We Raised”….
