Gautam Adani, the richest man in Asia and the founder of Adani Group.

(AFP file photo)

[Financial Channel/Comprehensive Report] India’s Adani Group (Adani Group) on Sunday (29 Japan) counterattacked, emphasizing that the company has complied with all local regulations and made necessary regulatory disclosures, angrily criticizing the short-selling report as a "deliberate attack" on India.

According to comprehensive foreign media reports, the group under the billionaire Adani (Gautam Adani) stated in a 54-page document with about 350 appendices that the Hindenburg report caused "unprecedented and serious disadvantages to investors of the Adani Group. influence", these allegations are not only an "unprovoked attack" on any particular company, but also a "deliberate attack" on India, the independence, integrity and quality of Indian institutions, as well as India's growth and ambitions.

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Hindenburg released the results of a two-year investigation last week, alleging that Adani had long "manipulated its stock" and committed "financial fraud".

By the end of trading on Friday (27th), this report had greatly shrunk the market value of seven listed companies under the Adani Group by 20%, exceeding US$50 billion (approximately NT$1.5 trillion). , Insurance company stocks also fell.

Adani Group, one of India's largest private infrastructure groups with businesses in oil, gas, ports, airports and mining, was the third richest person in the world before the sell-off, according to the Bloomberg Billionaires Index ( Bloomberg Billionaires Index), Adani’s net worth has shrunk by US$27.9 billion (approximately NT$845 billion) so far this year, falling all the way to No. 7 on the rich list.

The group said the study made "misleading statements" without any evidence and that none of the 88 questions Hindenburg asked were based on "independent or journalistic fact-checking."

Adani Group dismissed most of the allegations as "unsubstantiated" and "baseless".

Hindenburg did not immediately respond to Adani Group's counterattack.

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