Hindenburg Research on Monday hit back at the Adani Group, day after the business house dubbed the New York-based firm\u2019s report as \u201ccalculated attack on India.\u201d<\/p>\n\n\n\n
In a 413-page response titled \u201cFraud cannot be obfuscated by nationalism or a bloated response that ignores every key allegation we raised,\u201d Hindenburg Research accused the Adani Group of holding back India\u2019s progress by draping itself in the Indian flag while systematically looting the nation.<\/p>\n\n\n\n
Hindenburg said it believes that India is a vibrant democracy and an emerging superpower with an exciting future. However, the research group alleged that the country\u2019s future was being held back by the Adani Group, \u201cwhich has draped itself in the Indian flag while systematically looting the nation.\u201d<\/p>\n\n\n\n
Hindenburg stressed that it\u2019s a firm believer in the fact that fraud is fraud even when perpetuated by one of the wealthiest individuals globally.<\/p>\n\n\n\n
The firm\u2019s statement comes in response to the Adani Group\u2019s note to its stakeholders in which it rebutted the allegations levelled by the short seller firm.<\/p>\n\n\n\n
The note claimed that the report was a deliberate attempt to target a specific company but also to tarnish India\u2019s image.<\/p>\n\n\n\n
Read Also: Odisha health minister shot at by ASI, condition critical; airlifted to Bhubaneshwar<\/a><\/p>\n\n\n\n In its note, Adani Group termed the allegations as a \u201ccalculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India.\u201d<\/p>\n\n\n\n Adani Group claimed that the research group\u2019s report contains nothing new other than \u201cselective and incomplete extracts of disclosed information which has been in the public domain for years.\u201d<\/p>\n\n\n\n However, in its statement, Hindenburg said the Adani Group\u2019s response largely either confirmed or attempted to sidestep their findings.<\/p>\n\n\n\n It said that their report asked 88 specific questions of the Adani Group who in response, failed to \u201cspecifically answer 62 of them.\u201d<\/p>\n\n\n\n Instead, Hindenburg claimed, Adani Group mainly grouped questions together in categories and provided generalized deflections.<\/p>\n\n\n\n