The Adani Group responds to Hindenburg Research Report

Adani Group, an Indian multinational conglomerate, has issued a response to a report by Hindenburg Research, a US-based investment research firm. The report, which was released on January 24th, 2023, raised concerns about the shares of Adani Group companies and criticized the company’s substantial debt and the capability of its auditors.

Adani Responds

Adani Group’s Response

The Adani Group responded to the report with a 413-page response, in which it called out Hindenburg Research as an “unethical short seller.” The group claimed that the report was “nothing but a lie” and that it was intended to create a “false market in securities” in order to book massive financial gain for Hindenburg Research at the cost of investors.

Adani Group also responded to all 88 questions raised by Hindenburg Research in the report. The group stated that its portfolio and verticals are focused on bringing India into the global economy and nation-building and that it has highly effective internal and audit controls.

Legal Action

Adani Group has also said that it is considering legal options against Hindenburg Research in the US and India after the report accused firms owned by Gautam Adani of market manipulation and accounting fraud. The group’s legal head, Jatin Jalundhwala, said that the report has affected the Adani Group, its shareholders, and investors and that the group is evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg Research.

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The reason why Hindenburg Research may not be afraid of legal action from the Adani Group is that the research firm operates in the US and has a strong understanding of the laws and regulations governing their operations. Additionally, Hindenburg has a reputation for conducting thorough research and presenting well-supported findings, which could provide them with a strong defense in court. However, it is worth noting that the outcome of any legal action taken against Hindenburg would depend on the specific circumstances and evidence presented in the case.

Timing of the Report

The Adani Group also commented on the timing of the report, stating that it clearly betrays a mala fide intention to undermine the Adani Group’s reputation with the objective of damaging its Follow-on Public Offering from Adani Enterprises, the biggest FPO ever in India.

Fall of Adani from 2nd to 7Th richest person of the world

Adani Group, owned by Indian billionaire Gautam Adani, saw its shares drop by 40% in two days after a report from Hindenburg Research alleged the company of making false statements and insider trading. As a result, Adani fell from the second-richest person in the world to the seventh. The report claimed that Adani used its political connections to secure favorable treatment and inflated its financial performance. The fall in share prices had a significant impact on Adani’s net worth, causing him to drop several spots on the billionaire list. The incident highlights the potential risks and consequences of false or misleading statements for both companies and individuals.


In conclusion, the Adani Group has issued a comprehensive response to the Hindenburg Research report, refuting all claims made in the report. The group has called out Hindenburg Research as an unethical short seller and is considering legal action in the US and India against the research firm.

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