Amid Adani's global expansion and ahead of the its push to raise Rs 20,000 crore through an FPO share sale, Hindenburg's report calling the firm's rise a con has rocked the conglomerate. The Adani Group responded with strongly worded statements calling the Hindenburg Research findings malicious and stale, as they pushed down the firms stock prices, wiping off close to Rs 46,000 crore from its market cap. A day after making serious allegations of stock manipulation and fraud against Adani, Hindenburg has responded to the firm.
Hindenburg's statement ways that instead of answering its 88 questions and showing transparency, Adani has responded with threats.
It mentioned how the firm dismissed a report with 720 citations compiled in two years, as unresearched. The research firm said that it stands by the report and welcomes a legal response by Adani.
It also challenged Adani to file a case in the US, so that Hindenburg can demand documents during the course of the proceedings.
The port to power conglomerate which has previously struggled with debt concerns after it was called overleveraged, has been rocked by Hindenburg's allegations about the biggest corporate fraud in history.
