The Adani Group's strongly worded responses to Hindenburg Research's rerport haven't been able to restore confidence among investors, as its group stocks continued to fall on Monday. In a back and forth with the port to power conglomerate on social media, Hindenburg even went on to state that Adani's fraud can't be blurred using nationalism. Going a step further with its nationalism push, Adani has compared American firm Hindenburg's report against it to the Jallianwala Bagh massacre perpetrated by the colonial British government.
Compares investors to Indians who shot freedom fighters
The Adani Group CFO, Jugshinder Singh went on to call the allegations of fraud against the firm, an attack on the integrity of Indian institutions and the country's success story. He compared the Indian investors selling off Adani stocks, to the Indian officers who opened fire at other Indians on the orders of an English officer in Jallianwala Bagh. Although the government of India hasn't commented on Hindenburg calling Adani's rise a corporate scam, the opposition has already said that the conglomerate doesn't represent India itself.
Responding to Mint's question, Singh said, “In Jallianwala Bagh, only one Englishman gave an order, and Indians fired on other Indians, so am I surprised by the behaviour of some fellow Indians? No.”
Rout continues despite green shoots
To end the day on Monday, all Adani Group stocks except for Adani Enterprises and its cement subsidiary, remained in red. It dragged down Sensex by 600 points to start the day, before the index recovered towards close. The reports have also prompted India's Life Insurance Corporation to review Adani's response as a major investor in the conglomerate.
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