‘Hindenburg report was designed to defame us’; Gautam Adani tells shareholders during AGM

Adani Group Chairman Gautam Adani addressed the Hindenburg incident at the conglomerate's 32nd annual general meeting, calling the short-seller's over 100-page report "baseless accusations."

Adani described the report as a "two-sided attack" involving vague criticisms of the group's financial standing and an information distortion campaign, timed to coincide with the closing of their Follow-on Public Offer.

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He further added that it was designed to defame us, do maximum damage, and erode our hard-earned market value.

Hindenburg's report had accused the Adani Group of stock manipulation and improper use of tax havens, triggering a significant sell-off in the conglomerate.

However, a Supreme Court-appointed expert panel later found no conclusive evidence of stock manipulation but recommended regulatory improvements to protect investors.