Adani Group States That Hindenburg Fraud Claim Is An Attack On India

The company owned by Asia's richest man Gautam Adani has issued a detailed rebuttal of allegations of wrongdoing by short-seller Hindenburg Research, Peter Hoskins reported for BBC News.

Photo Insert: The Adani Group went on to accuse the Hindenburg report of being intended to enable the US-based short-seller to book gains, without citing evidence.

In a document, which runs to more than 400 pages, Adani Group says the report is a "calculated attack on India." Later on Sunday, Hindenburg said "Adani failed to specifically answer 62 of our 88 questions" detailed in its report.

"Short-selling" is when someone bets against a company's share price in the expectation that it will fall.

Adani Group, an Indian conglomerate, had more than $50 billion (£40.4 billion) wiped off its stock market value last week. It also said that it had complied with all local laws and had made the necessary regulatory disclosures.

"All transactions entered into by us with entities who qualify as 'related parties' under Indian laws and accounting standards have been duly disclosed by us," Adani Group said in a 413-page document issued late on Sunday.

It went on to accuse the Hindenburg report of being intended to enable the US-based short-seller to book gains, without citing evidence.

"This is rife with conflict of interest and intended only to create a false market in securities to enable Hindenburg, an admitted short seller, to book massive financial gain through wrongful means at the cost of countless investors," it added.

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