New Delhi: After the report of the foreign agency Hindenburg (HindenBurg), there was a commotion in the company of Adani, the richest man in Asia and the third richest person in the world. Along with the fall in Adani’s shares, the Indian stock market also turned upside down. Gautam Adani slipped from number 3 to number 7 in the list of the world’s richest people. The Adani company, whose reputation is tarnished with the loss of Arabs, has started an attempt to save its credit by responding to the Hindenburg reports. Hindenburg’s responses were given by Adani through the media. However, the fight did not end here. Hindenburg has responded. Hindenburg said, Adani cannot hide the crime by talking about nationalism.
India is a rising superpower and the Adani Group is hampering India’s bright future by systematic looting in India, Hindenburg Research said on Monday. Hindenburg stands by his report on Adani. This report has been prepared after two years of investigation. Adani Group has been manipulating shares for decades.
Adani Group 62 Questions Not Answered: Hindenburg
Hindenburg Research said on Monday that the Adani group is looting India under the guise of nationalism. We believe that if someone cheats, it is cheating. Can’t get away with calling it an attack on the country. The US firm said it asked the Adani group 88 questions of which it did not answer 62 questions. Many of these questions asked about the nature of transactions and conflicts of interest. But Adani Group did not give him any reply. The reply he gave largely confirmed our report.
Hindenburg raised questions on Vinod Adani’s foreign shell company
Hindenburg Research said its report alleged that the Adani group had transacted billions of dollars with Gautam Adani’s elder brother Vinod Adani and his foreign shell companies. Vinod Adani has 38 companies abroad. It has companies in Mauritius, UAE, Cyprus, Singapore and several Caribbean countries. This raises questions about the Adani Group’s shares and accounting. In response, Adani Group said that Vinod Adani is not associated with any of its companies and there is nothing wrong in these transactions.
The Adani group filed a 413-page response to Hindenburg’s allegations
The Adani group has been shaken by the Hindenburg allegations. A statement was released by the company on Sunday. The Adani Group released a 413-page response to Hindenburg’s allegations. The Adani group termed Hindenburg’s allegations as an attack on India. The Hindenburg report was dismissed as a hoax by the Adani group. Defended that the baseless allegations were made to malign the Adani Group for a specific purpose.
The Adani group said that India has been deliberately attacked by Hindenburg. This allegation is just a lie. This report is prepared to create an artificial market. So that American companies can benefit by bringing down the share prices. This is not an attack on a single company but on a country. It is a well-planned attack on the independence, integrity and quality of Indian institutions and India’s development path.
Adani shares saw an improvement on Monday
After the Hindenburg report, Adani’s market cap saw a huge crash. Adani’s investors suffered a loss of 1.75 lakh crores in a single day. The Indian stock market also crashed in the wake of Adani. 11 lakh crore was lost to stock market investors. Adani slipped from the third position to the seventh position in the rich list. The crash in the stock market continued on Monday. However, there was a reassuring improvement in the share prices of Adani Enterprises.