Adani Group AGM 2023: Gautam Adani calls Hindenburg report 'malicious' again; shares spike after speech

Billionaire Gautam Adani on Tuesday reiterated that the Hindenburg report was a combination of misinformation and discredited allegations.

Speaking at the AGM of his group companies, he said that on the eve of Republic Day this year, US-based short-seller Hindenburg Research published a report to short group stocks just as it was planning to launch the largest Follow-on Public Offering in India's history.

"The report was a combination of targeted misinformation and discredited allegations, the majority of them dating from 2004 to 2015.

"They were all settled by the appropriate authorities at that time. This report was a deliberate and malicious attempt aimed at damaging our reputation and generating profits through a short-term drive-down of our stock prices," he said.

Also Read: Adani-Hindenburg Case: Top court gives SEBI till August 14 to finish the investigation

Subsequently, despite a fully subscribed FPO, the group decided to withdraw and return the money to investors to protect their interests.

"While we promptly issued a comprehensive rebuttal, various vested interests tried to exploit the claims made by the short seller. These entities encouraged and promoted false narratives across various news and social media platforms," he said.

Meanwhile, the Adani group shares have zoomed. Within few minutes of his speech, Adani Enterprises opened upside rising around 4.25% and went on to hit intraday high of ₹2,510 apiece on NSE. Similarly Adani Power bounced back from its intraday low and hit a intraday high of ₹254.45 apiece on NSE. The shares of Adani Green Energy and Adani Transmission also ascended 3% in the intraday trade. By the completion of the speech, all the ten Adani share prices were trading in the green.