Hindenburg report a targeted misinformation: Gautam Adani

Hindenburg report a targeted misinformation: Gautam Adani

Indian business tycoon Gautam Adani has come down heavily on the Hindenburg report at the annual general meeting of the Adani Group.“As all of you are aware, on the eve of our Republic Day this year, a US-based short-seller published a report to short our stocks just as we were planning to launch the largest Follow-on Public Offering in India history,” he said while talking at the event on Tuesday.
“The report was a combination of targeted misinformation and discredited allegations, the majority of them dating from 2004 to 2015. They were all settled by the appropriate authorities at that time.
This report was a deliberate and malicious attempt aimed at damaging our reputation and generating profits through a short-term drive-down of our stock prices,” he added.Subsequently, despite a fully subscribed FPO, Adani Group decided to withdraw and return the money to their investors to protect their interests. While the company promptly issued a comprehensive rebuttal, various vested interests tried to exploit the claims made by the short seller, he further said.
Consequently, the Supreme Court of India constituted an Expert Committee to look into this matter. The committee included individuals known for their independence and integrity.
The report of the Expert Committee was made public in May 2023, Gautam Adani said.“The Expert Committee did not find any regulatory failure,” he added.
He also mentioned that no credit agency – in India or abroad – cut any of Adani Group ratings.“Along this journey, if there is one characteristic that has continued to define us – it has been our resilience,” he said.
“Our balance sheet, our assets, and our operating cashflows continue to get stronger and are now healthier than ever before. The pace at which we have made acquisitions and turned them around is unmatched across the national landscape and has fuelled a significant part of our expansion,” he said.
Reminiscing the journey of Adani Group, he said, “Today, as I reflect over the past years, I am grateful to so many, who have enabled your company to come this far. While our true ambitions still lie ahead of us – when we make time to look back – we also realize how much ground we have covered over the past 30 years.”
“Let me again reemphasize how grateful I am for all your support. It has been the source of my greatest strength. It is my promise that I will do my utmost to uphold the trust you put in me and my team,” he ended.