Fraud can't be obfuscated by nationalism: Hindenburg
Adani Group losing over $50 bn in market value in just 2 trading sessions last week and Adani himself losing in excess of $20 bn, says Hindenburg Research
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The Fallout
- Gautam Adani loses 1/5 of his total fortune
- Group's substantial debt includes pledging shares for loans
- Adani's brother Vinod manages a vast labyrinth of offshore shell entities
New Delhi: US short seller Hindenburg Research has rejected Adani Group's charge that its report was an attack on India, saying a fraud can't be obfuscated by nationalism or a bloated response that ignored response to key allegations. Commenting on the 413-page response Adani Group released late on Sunday evening in response to its report, Hindenburg said it believed India was a vibrant democracy and an emerging superpower with an exciting future and it was Adani Group which was holding it back through systematic loot.
Hindenburg stood by its last week's report that said its two-year investigation found Adani Group 'engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades'.
Hindenburg said the response by the conglomerate run by Asia's richest man Gautam Adani "opened with the sensationalistic claim that we are the 'Madoffs of Manhattan'."
