“This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India,” Adani’s statement said.
In response, the Hindenburg firm denied the accusations and said Adani’s response largely confirmed its findings and failed to address key questions. It said the group was trying to conflate its rise with the success of India itself.
“We believe India is a vibrant democracy and emerging superpower with an exciting future. We also believe India’s future is being held back by the Adani Group,” Hindenburg said in a statement. “We also believe that fraud is fraud, even when it’s perpetrated by one of the wealthiest individuals in the world,” it said.
Source: Adani accuses short-seller Hindenburg of attacking India