Adani: Hindenburg report, “Misinformation”, “Targeted attack”

Gautam Adani

Rama Krishna Sangem

Adani Gruop chairman Gautam Adani for the first time in six month opened his mouth on June 27, Tuesday and said that American short seller Hindenburg Research’s report on the Adani Group in January 2023 was “targeted misinformation” aimed to damage its reputation and misused by “vested interests”.

After this report, Adani has fallen from world’s top 3rd richest person to below 20th position and lost about 120 billion US dollars (Rs 1 lakh crore) wealth.

Adani, in a letter to shareholders of group flagship Adani Enterprises, said Hindenburg published the report before India’s Republic Day and just as the company was planning follow-on public offering (FPO) that would have been the largest in India’s market history

The report was a combination of targeted misinformation and outdated, discredited allegations aimed at damaging our reputation and generating profits through a deliberate drive-down of our stock prices,” he said. Despite a fully subscribed FPO, the group decided to return the money to investors and protect their interests.

The short-selling incident resulted in several adverse consequences that we had to confront. Even though we promptly issued a comprehensive rebuttal, various vested interests tried to opportunistically exploit the claims made by the short seller. These entities engaged and encouraged false narratives across news and social platforms,” said Adani.

India’s Supreme Court has set up an expert committee comprising individuals known for their independence and integrity to look into Hindenburg’s allegations. The committee’s report, made public in May 2023, said it had not found any regulatory failure


Rebuilt our confidence”

“The Committee’s Report not only observed that the mitigating measures undertaken by your company helped rebuild confidence but also cited that there were credible charges of concerted destabilization of the Indian markets. It also confirmed the quality of our Group’s disclosures and found no instance of regulatory failure or any breach.

While the SEBI is still to submit its report in the months ahead, we remain confident of our governance and disclosure standards,” Adani said, referring to India’s market regulator.

Since Hindenburg’s report, Adani Group shares have recovered but lost Rs 12.5 trillion of market capitalisation when compared to their September 2022 peak

Rama Krishna Sangem

Ramakrishna chief editor of excel India online magazine and website

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Rama Krishna Sangem

Excel India national news magazine is a media startup founded and piloted by Rama Krishna Sangem, a Hyderabad based senior journalist with over three decade experience in the field of media, mostly in print journalism. His rich experience in reporting for both Telugu and English newspapers and heading a TV news channel and some online outfits will be of immense use to this venture. Excel India English news magazine seeks to fill the gap of analytical understanding to our readers who today are confronted with myriad media platforms. Our online version not only offers regular updates and commentary on happenings around us, but also gives larger stories not limited by space constraints of a print magazine. Excel India is ably run by a team of senior journalists committed to values and quality standards in the profession. We urge you all to support and guide us in this endeavour. Reach us at