The conglomerate said that the timing of the unfavourable report by American short-seller Hindenburg Research, which caused significant stock selling in Adani Group, was done to harm Adani Enterprises FPO. They were astonished to learn that Hindenburg Research had released a report on January 24, 2023, without attempting to contact them or confirm the accuracy of the factual matrix. According to a statement from Adani Group CFO Jugeshinder Singh, the article is a deliberate amalgam of selected misinformation.
They were unsubstantiated, disproven charges that have been put to the test and dismissed by India’s highest courts. He asserted that the timing of the Hindenberg report Adani release shows a bold, malicious attempt to harm the reputation of the Adani Group with the primary goal of jeopardizing the impending FPO (Follow-On Public Offer) from Adani Enterprises, the largest FPO ever in India.
Jugeshinder Singh, the CFO of the Adani Group, claims that the timing of the report’s release shows a brazen, malicious intention to harm the reputation of the Adani Group with the primary goal of jeopardizing the upcoming FPO from Adani Enterprises, the largest FPO ever in India. According to him, the investor community has always trusted the Adani Group based on thorough analyses and reports created by top national and international credit rating organizations and financial experts.
Biased, self-serving, and unsupported statements do not sway their well-informed and knowledgeable investors. Regardless of the jurisdiction, the Group has always complied with all laws and upholds the most significant standards of corporate governance, he claimed.
The Adani Group of Companies was alleged to have “engaged in a brazen stock manipulation and accounting fraud scheme over decades” by the Hindenburg report. Adani Group stated that they have always complied with all laws and uphold the highest corporate governance standards in response to claims made in the Hindenberg report Adani. Companies connected to the Gautam Adani-led group suffered greatly on the stock exchanges when the study became public, with some equities falling by as much as 10%.
Over Rs 46,000 crore in market capitalization has been lost by Adani companies thus far. On January 27th, the Rs 20,000 First Public Offering (FPO) of Adani Enterprises was scheduled to begin.
Gautam Adani, reaffirmed that the Hindenburg report contained false facts and unfounded claims. On the eve of Republic Day this year, US-based short-seller Hindenburg Research released a report to short group stocks just as it was preparing to launch the largest Follow-on Public Offering in India’s history, according to a statement he made at the AGM of his group companies.
He claimed that most of the reports’ claims, which date between 2004 and 2015, were a combination of targeted false information and debunked allegations. At that moment, the proper authorities resolved them all. The Hindenberg report Adani was an intentional and dishonest attempt to harm their brand and make money by temporarily driving down their stock prices. While they swiftly responded with a thorough denial, other vested interests attempted to take advantage of the short seller’s allegations.
These organizations encouraged and promoted false narratives on numerous news and social media channels.
Gautam Adani says that they continue to have faith in their transparency and governance requirements. He promises they will keep working to raise the bar for governance and disclosure practices.
Gautam Adani stated that they have a track record that speaks for itself and thanked all parties for their support during this difficult time. He noted that the Adani Group raised many billions from foreign investors and that no international credit agency had downgraded the Adani Group’s ratings. Before the Follow-On Public Offer (FPO), the US-based short-seller published a document advising investors to short the Adani Group’s equities.
According to the multibillionaire industrialist, the Hindenberg report Adani was a combination of debunked allegations and malicious falsehoods. The Adani Group planned to undertake the most extensive follow-on public offer in India’s history.
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