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Adani Group systematically looting the nation: Hindenburg Research

Adani Group systematically looting the nation: Hindenburg Research

New Delhi: The New York based Hindenburg Research on Monday opened a fresh attack against the besieged Adani Group, saying that ‘fraud cannot be obfuscated by nationalism’.

Adani Group earlier in its reply to Hindenburg said the research firm’s report was a “calculated attack on India”.

Pulling no punches, Hindenburg hit back at Adani Group saying: “We also believe India’s future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation.”

Hindenburg Research retorted that Adani Group was attempting to “lead the focus away from substantive issues by stoking a nationalist narrative.”

The research firm said its report raised 88 specific questions of the Adani Group. But Adani failed to specifically answer 62 of them and grouped “questions together in categories and provided generalized deflections.”

Adani Group said in its 413-page report on Sunday that Hindenburg report was ‘not merely an unwarranted attack on any specific company” adding that it was a “calculated attack on India”.

Adani Group also accused Hindenburg of attacking “the independence, integrity and quality of Indian institutions, and the growth story and ambition of India.”

Following the Hindenburg's report the Adani Group lost more than USD 50 billion in market value in two trading sessions.

The group’s Chairman Gautam Adani lost over USD 20 billion, which makes up about one-fifth of his total fortune.

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