Billionaire Gautam Adani. File.
| Photo Credit: Reuters
Billionaire Gautam Adani on July 18 reiterated that the Hindenburg report was a combination of misinformation and discredited allegations.
Speaking on the AGM of his group corporations, he stated that on the eve of Republic Day this 12 months, U.S.-based short-seller Hindenburg Research printed a report to brief group shares simply because it was planning to launch the most important Follow-on Public Offering in India’s historical past.
Watch | What is the Adani-Hindenburg saga all about?
“The report was a combination of targeted misinformation and discredited allegations, the majority of them dating from 2004 to 2015.
“They had been all settled by the suitable authorities at the moment. This report was a deliberate and malicious try geared toward damaging our repute and producing income by means of a short-term drive-down of our inventory costs,” he stated.
Subsequently, regardless of a completely subscribed FPO, the group determined to withdraw and return the cash to buyers to guard their pursuits.
“While we promptly issued a complete rebuttal, numerous vested pursuits tried to take advantage of the claims made by the brief vendor. These entities inspired and promoted false narratives throughout numerous information and social media platforms,” he stated.
