https://sputniknews.in/20240316/us-based-short-seller-report-aimed-to-profit-by-depreciating-adanis-market-value-6841821.html
US-Based Short-Seller Report Aimed to Profit by Depreciating Adani's Market Value
US-Based Short-Seller Report Aimed to Profit by Depreciating Adani's Market Value
Sputnik India
Adani Group Chairman Gautam Adani had revealed that the Hindenburg report was an attempt to destabilise his company and defame the Indian administration.
2024-03-16T13:54+0530
2024-03-16T13:54+0530
2024-03-16T13:54+0530
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Adani Group chairman Gautam Adani has said that the report by US-based short-seller Hindenburg Research was an attempt to defame the Indian government and destabilise his company ahead of the upcoming eletions in India.The revelations come a year after Hindenburg Research published a report accusing Adani of "brazen accounting fraud" and "share manipulation".However, the Adani Group chairman had repeatedly denied the allegations, calling the report "malicious".Speaking to Sputnik India about Adani's revelations, Sudhanshu Kumar, an economist at the Bihar Institute of Public Finance and Policy (BIPFP), said that after a comprehensive investigation, it has become clear that the Hindenburg Research report was not an investigative or research report based on rigorous exercise, but rather an attempt by a US-based short seller to profit by causing a sudden loss in the market value of a company.Kumar further said that despite the impact of the Hindenburg report, the Indian stock market has remained stable and performed well, which also serves as a testament to the robustness of the Indian stock market.This is not the first time Adani has called the Hindenburg report "malicious". In July last year, while addressing Adani Enterprises' annual general meeting, the Indian conglomerate had said that the report was a "deliberate and malicious attempt aimed at damaging our reputation and generating profits through a short-term drive-down of our stock prices".
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hindenburg-adani controversy, hindenburg research, hindenburg report against adani group, gautam adani, bihar institute of public finance and policy, adani group chairman, adani calls hindenburg report malicious, deliberate attempt to destabilise adani group
hindenburg-adani controversy, hindenburg research, hindenburg report against adani group, gautam adani, bihar institute of public finance and policy, adani group chairman, adani calls hindenburg report malicious, deliberate attempt to destabilise adani group
US-Based Short-Seller Report Aimed to Profit by Depreciating Adani's Market Value
US-based Hindenburg Research had published a report in January last year accusing India's Adani Group of " share manipulation" and "accounting fraud". However, none of the allegations were found to be true by Indian regulators, and even experts as well as Gautam Adani have called the report malicious.
Adani Group chairman Gautam Adani has said that the report by US-based short-seller Hindenburg Research was an attempt to defame the Indian government and destabilise his company ahead of the upcoming eletions in India.
The revelations come a year after Hindenburg Research published a report accusing Adani of "brazen accounting fraud" and "share manipulation".
However, the
Adani Group chairman had repeatedly denied the allegations, calling the report "malicious".
Speaking to Sputnik India about Adani's revelations, Sudhanshu Kumar, an economist at the Bihar Institute of Public Finance and Policy (BIPFP), said that after a comprehensive investigation, it has become clear that the Hindenburg Research report was not an investigative or research report based on rigorous exercise, but rather an attempt by a US-based short seller to profit by causing a sudden loss in the market value of a company.
"The damage was done, and the motives other than economic gain may not be completely ruled out. Also, the possibility of a similar hit-and-run act cannot be entirely ruled out," he said.
Kumar further said that despite the impact of the Hindenburg report, the Indian stock market has remained stable and performed well, which also serves as a testament to the robustness of the Indian stock market.
“The outcome of the Indian regulators' scrutiny has positively established the unreliability of reports by short-sellers of this nature. The company, which suffered the impact of the propaganda report, has since recovered, and investor confidence in the Indian equity market remains intact,” the economist said.
This is not the first time Adani has called the
Hindenburg report "malicious". In July last year, while addressing Adani Enterprises' annual general meeting, the Indian conglomerate had said that the report was a "deliberate and malicious attempt aimed at damaging our reputation and generating profits through a short-term drive-down of our stock prices".
