'Fraud cannot be obfuscated by nationalism,' Hindenburg says in response to Adani hit back

The Hindenburg Study has responded to the counterarguments of the Adani Group stating that "fraud cannot be camouflaged by nationalism."

In its response, to Adani's 413-page rebuttal, that its report was an attack on India, Hindenburg termed it a bloated response that ignored response to key allegations.

Hindenburg said, "In short, the Adani Group has attempted to conflate its meteoric rise and the wealth of its Chairman, Gautam Adani, with the success of India itself. We disagree. To be clear, we believe India is a vibrant democracy and an emerging superpower with an exciting future. We also believe India’s future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation."

As the Indian stock market opened on Monday, all eyes are set on stocks of Adani Group companies as it is accused of alleged wrongdoing by US short-seller Hindenburg Research.

In our research, we asked the Adani Group 88 specific questions, Hindenburg Research said, adding that Adani did not particularly respond to 62 of them in its response. “Instead, it classified inquiries into categories and provided vague deflections in its most recent statement,” according to the short seller.

Also read: Adani Group issues 413 page response to Hindenburg, calls accusations a "calculated attack on India"

Meanwhile, as trading began in Mumbai, shares of Adani Green Energy Ltd., Adani Total Gas Ltd., and Adani Transmission Ltd. all plunged by more than 10 per cent, while shares of Gautam Adani's flagship company, Adani Enterprises Ltd., rose by 6.3 per cent.