New Delhi: The Adani Group on Sunday responded to the allegations spread by Hindenburg Research with relevant documents in a 413-page response.

The Adani Group’s response also raises questions against Hindenburg’s ulterior motives and modus operandi, which has conveniently ignored the Indian judiciary and regulatory framework.

Adani Group’s detailed response covered its governance standards, credentials, best practices, transparent conduct, financial and operational performance and excellence.

“The Hindenburg report is designed with a clear intent to profiteer at the expense of our shareholders and public investors. It is a manipulative document that is fraught with conflict of interest and is aimed at creating a false market in securities only to file false profits, which clearly constitutes securities fraud under Indian law.”

Of the 88 questions posed by Hindenburg, it is pertinent to note that 68 refers to cases that have been duly disclosed by Adani Group companies in their respective annual reports offering memorandums, financial statements and stock exchange disclosures from time to time.

Of the 20 questions, 16 relate to public shareholders and their sources of funding, while the remaining four are merely baseless allegations. Needless to say, Hindenburg has created these questions to divert the attention of its target audience while managing its short trades for profit at the expense of investors, Adani Group said.

The report claims to have uncovered two years of investigation and evidence, but it does not include anything other than selective and incomplete extracts of disclosed information that has been in the public domain for years.

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