© Reuters. FILE PHOTO: The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. REUTERS/Amit Dave/File Photo
(Reuters) – India’s Adani Group said on Sunday that a Jan. 24 report by short seller Hindenburg Research that led to a $48 billion rout in its stock was intended to create a false market to enable the short seller to book gains.
Adani’s response comes amid a $2.5 billion share sale by its flagship company, which has been overshadowed by the report, which flagged concerns about high debt levels and the use of tax havens.
“This is rife with conflict of interest and intended only to create a false market in securities to enable Hindenburg, an admitted short seller, to book massive financial gain through wrongful means at the cost of countless investors,” Adani said in 413-page response late on Sunday.
“All transactions entered into by us with entities who qualify as ‘related parties’ under Indian laws and accounting standards have been duly disclosed by us.”