India’s Adani Group has denied fraud allegations levied against it by short-seller Hindenburg Research, calling the report baseless and threatening legal action against the investment research firm.
On Tuesday, Hindenburg Research published a 106-page report claiming Adani Group, led by Gautam Adani, India’s richest man, is pulling the largest con in corporate history.
- Following the report, Adani Group’s seven listed companies lost more than $10B in market value.
- The prices of U.S. dollar bonds issued by some of the companies also declined.
- The report accuses the Indian conglomerate of various acts of fraud, including stock manipulation and accounting fraud, that spans decades.
- Adani Group has dismissed the report, calling it maliciously mischievous and unresearched, and said it is exploring legal action.
- Hindenburg Research, in a post on Twitter, said it would welcome legal action from Adani.
- The research firm claims it spent two years investigating the company and has asked Adani 88 questions regarding its business, but the company has not answered any.
- Gautam Adani’s business empire spans several business sectors in India, including energy, real estate, agribusiness, and defense.
- He has a net worth of about $113.4B.
