'Hindenburg Was Designed To Defame Us': Gautam Adani At AGM Meeting

Almost a year after the Hindenburg fiasco, which devoured the stability of the Adani Group, the Gautam Adani-run company appears to have found a semblance of stability in its ranks now.

Designed To Defame Us

Gautam Adani in his address at the company's Annual General Meeting for 2024, has expressed his thoughts on what came to pass. Adani said the whole Hindenburg saga was designed to defame and besmirch the company.

He said, "We were faced with baseless accusations made by a foreign short
seller, that questioned our decades of hard work. In the face of an
unprecedented attack on our integrity and reputation, we fought
back and proved that no challenge could weaken the foundations
on which your Group has been established."

Adani further added, "These foundations happen to be our three core values – Courage to withstand, Trust in our capabilities, and Commitment to our purpose. These values were established in 2012 – and have continued to become more relevant with every passing year."

Adani Shares Steady The Ship

Adani looked back at the company and its subsidiaries' progress since then and underscored the level of perseverance that was deployed by his entities in recovering from the predicament.

The company's shares tanked after revelations from the American entity that accused Adani Group of impropriety and wrongdoing in its equity management. Gautam Adani's own net worth was halved. It is to be noted, that the investigation by the market regulator, SEBI, is ongoing.

Adani Group companies have made a significant comeback over the past few quarters, both on the balance sheet and on the equity market.

Adani's flagship, Adani Enterprises, has jumped 11.66 per cent in the past 6 months, taking the overall value to 3,199.60 per share.

Adani ports also saw its shares jump by 41.81 per cent in the 6 months, scaling to Rs 1,458.85 per share. Gautam Adani's own net worth has improved from teh free fall. According to Forbes, his individual net worth stands at USD 85.3 billion, making him the second richest man in India, behind Mukesh Ambani.