Adani's lawyer warns of legal action against Hindenburg, says billionaire's priority is to protect stakeholders

Gautam Adani has slipped out of the list of world's top 20 richest people, and has been engaged in a firefight ever since investors started dropping its stocks like a hot potato. Allegations of fraud in a Hindenburg Research report have hit Adani's standing in the stock market, forcing the billionaire to call off a Rs 20,000 crore follow on share sale. Hitting back against the US-based shortseller behind the turmoil, Adani's lawyer Raian Karanjawala has warned of a detailed legal action against Hindenburg.

Speaking to Times Now, Karanjawala maintained that Gautam Adani's focus is primarity on protecting stakeholders. He also called the freefall of Adani stocks a natural response of shareholders acting to safeguard their investments. Karanjawala went on to reiterate that Adani's growth depends on India's growth, and also added that he had responded to 80 of the 89 questions put forward by Hindenburg.

The lawyer also clarified that markets react to a number of factors, and not what individuals say, which is why Adani's reassurances couldn't avoid the group's stock market rout. The Adani Group has also threatened legal action against Hindenburg before, after which the research firm and shortseller challenged him to file a lawsuit in the US.