Hindenburg said that decades of a pattern of “government leniency toward the group” had made investors, journalists, citizens and politicians unwilling to challenge its conduct “for fear of retribution”.
The Adani Group’s market capitalization has grown by more than $45 billion since the release of the report, and its legal head announced on Thursday that it is seeking punitive action against Hindenburg in US and Indian courts.
Gary Dugan, chief executive of the Global CIO Office, told Bloomberg on Friday that the issues facing Adani’s empire are now “striking at the heart” of India’s corporate sector and the dominance of family-controlled firms.
“They are opaque by their very nature, and global investors have to be trusted on issues of corporate governance,” he added.
