Keeping up with the tempo, the Indian business conglomerate has dismissed the recent claims from the US-based short-selling firm Hindenburg Research, labeling them recycled and baseless. The Supreme Court had dismissed them.
The conglomerate, one of India’s biggest business houses, condemned Hindenburg as a man of “personal gain” and having “utter disregard for laws in India”. The group said that through its allegations, Hindenburg completely overlooked facts and the law.
This is in the backdrop of a show-cause notice that the market regulator, the Securities and Exchange Board of India (SEBI), served to Hindenburg and its sole beneficial owner, Nathan Anderson, in the previous month.
The notice stated that Hindenburg and Anderson had committed various infractions under the SEBI Act, alongside SEBI’s prevention of fraudulent and unfair trade practices regulation and SEBI rules and regulations relating to the code of conduct for research analysts.
The latest in the drama between the Adani Group and Hindenburg is how the conglomerate firmly reacted to the short-seller’s recent report on it. Hindenburg had accused the Adani group of having mutual investment fraud and stock manipulation earlier this year, which the group has time and again rejected.
The Adani Group’s pointed response makes it clear that this firm is willing to fight and guard its image and business from what it considers false claims from Hindenburg. The conflict between the two giants continues, and the Indian markets and investors keep their eyes on further developments.
