Adani Group Rejects Hindenburg's Fresh Allegations as 'Baseless'

Adani Group has dismissed the latest allegations by Hindenburg Research, calling them a recycling of discredited claims. The US-based short seller had accused Adani of financial malpractices, prompting a sharp response from the conglomerate and SEBI Chairperson Madhabi Buch, who also refuted the allegations.

In a robust defense, the Adani Group has rejected the latest allegations from Hindenburg Research, labeling them as 'malicious, mischievous, and manipulative.' According to an Adani Group spokesperson, these claims are part of a deliberate effort to distort publicly available information for personal gain, disregarding facts and the law.

The spokesperson emphasized that these allegations are merely a recycling of discredited claims that have already been thoroughly investigated and dismissed by the Supreme Court in January 2024. The Adani Group reiterated the transparency of its overseas holding structure and denied any commercial relationship with the individuals named in Hindenburg's report.

Adani Group remains committed to transparency and legal compliance, the spokesperson added. Meanwhile, SEBI Chairperson Madhabi Puri Buch and her husband also denied Hindenburg's accusations, calling them an attempt at character assassination. The allegations were initially based on documents from a whistleblower and prior investigations but have since been vehemently repudiated.

(With inputs from agencies.)