The majority of Adani Group companies extended a $51 billion stock selloff as the market started on Monday, suggesting that investors are not generally persuaded by the billionaire’s denial of fraud claims made by American short seller Hindenburg Research.
On Monday (January 30), opposition leaders attacked Adani Group’s assertion that the fraud charge made against it by US short-seller Hindenburg Research was a “planned attack on India.” While Uddhav Thackeray-led Shiv Sena politician Priyanka Chaturvedi appealed for “assistance” in naming “everything that is India in New India,” Congress MP Manish Tewari called the allegation “hilarious beyond belief.”
Tewari asked in a tweet, “When did Adani become India? This is unbelievably funny. Priyanka Chaturvedi, the leader of the Shiv Sena, also made a tweet about this.
The conglomerate, which referred to Hindenburg as “Madoffs of Manhattan,” asserted that the short seller’s report was a “malicious combination of selective falsehoods and disguised facts linked to unsubstantiated and discredited charges to drive an ulterior motivation.”
The statement read, “This is not only an unjustified attack on any one enterprise, but also a premeditated attack on India, the independence, integrity, and excellence of Indian institutions, as well as India’s growth and aspirations.
In response, the Adani Group “attempted to combine its stratospheric rise and the fortune of its Chairman, Gautam Adani, with the prosperity of India itself,” according to Hindenburg.
Additionally, the investment research firm added, “We disagree. To be clear, we think India is a thriving democracy and a superpower on the rise with a promising future. We also think that the Adani Group, which has swathed itself in the Indian flag while methodically robbing the country, is holding back India’s development.
The majority of Adani Group companies extended a $51 billion stock selloff as the market started on Monday, suggesting that investors are not generally persuaded by the billionaire’s denial of fraud claims made by American short seller Hindenburg Research.