Adani Group has described the report of Hindenburg Research as completely baseless and beyond facts. Adani Group's CFO Jugshinder Singh has said that the allegations leveled against the company have no facts and are motivated by malicious intent. He said that he is surprised that Hindenburg Research made no effort to contact us or verify the factual matrix and published a report on 24 January 2023.
Adani's Group CFO Jugshinder Singh said in a statement, the report is full of misinformation. Adani Group has said that this report has been made by mixing spices like stale, baseless and defamatory facts. which has been rejected by the Supreme Court of India
What's in the Hindenburg Report?
Earlier, Hindenburg released a report stating that Adani Group is short selling companies through US traded bonds, non-Indian based derivatives and non-Indian traded reference securities. The company has expressed concerns regarding accounting and corporate governance matters in the report.
It has been said in this report that Adani Enterprises had five Chief Financial Officers working during a period of 8 years, who were warning the company about accounting-related discrepencies.
Allegations of showing overvalue to companies According to this report of Hindenburg, 7 major companies of Adani Group which are listed in the stock market are overvalued by more than 85 percent. In August 2022, CreditSights, a fixed income research firm of Fitch Group, expressed concern over the group's debt. According to CreditSites, the debt of the company had increased to Rs 2.2 lakh crore in the financial year 2022.
$6 billion loss
After the arrival of this report, the shares of 7 listed companies of Adani Group saw a fall of 5 per cent to 10 per cent on Wednesday. Due to which the wealth of Gautam Adani decreased by about $ 6 billion i.e. 46 thousand crore rupees. After this fall, according to Forbes' Real Time Billionaires list, Gautam Adani's total wealth has reached $120.6 billion.
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