Adani Group’s response comes as its flagship company is going ahead with a $2.5 billion share sale. This is overshadowed by the Hindenburg Report, which flagged concerns about high debt levels and the use of tax havens.
“All transactions entered into by us with entities that qualify as ‘related parties’ under Indian laws and accounting standards have been duly disclosed,” Adani said in a 413-page reply released late on Sunday night.
It states, “It is rife with conflicts of interest and merely a false market-making attempt in securities to enable Hindenburg, an approved short seller, to unfairly book massive financial gains at the expense of countless investors.” is intended.”
Hindenburg did not immediately respond to a request for comment on Adani’s response on Sunday.