Indian tycoon Gautam Adani on Tuesday denounced fraud accusations against his group by a US investment firm as a "deliberate attempt" to damage its image, at the first annual general meeting since the scandal. US short-seller investment company Hindenburg Research accused the Adani Group in January of using offshore tax havens to manipulate stock prices.…
US short-seller investment company Hindenburg Research accused the Adani Group in January of using offshore tax havens to manipulate stock prices. Addressing shareholders at the Adani Enterprises annual general meeting, Adani called the document a “combination of targeted misinformation and discredited allegations”.
Short-sellers seek to profit by offloading shares in the hope that their prices will fall and they can buy them back cheaper, and Hindenburg’s report accused the conglomerate of artificially inflating its market value using related-party transactions conducted through tax havens.But Adani said Tuesday: “It is worth noting that even during this crisis, not only did we raise several billions from international investors but also that no credit agency in India or abroad cut any of our ratings.
“It is well understood that for any economy to implement policy and lay the foundation of growth, a stable government is critical,” he said.