https://www.bloomberg.com/news/articles/2023-01-29/adani-says-hindenburg-conduct-is-calculated-securities-fraud?srnd=premium&sref=KkPzpZvz

WATCH: Hindenburg Research has responded to Adani Group’s lengthy rebuttal of fraud allegations. PR Sanjai reports.

Gautam Adani published a 413-page rebuttal to a short seller’s allegations of widespread corporate malfeasance, seeking to calm investors in the midst of a $2.5 billion share sale and stem a rout that wiped out more than $50 billion of his group’s market value.

In a Sunday statement, the Adani Group said some 65 of the 88 questions raised by Hindenburg Research have already been addressed in public disclosures and called the US firm’s conduct “nothing short of a calculated securities fraud under applicable law.” It also repeated a threat of legal action.

Read the full text of Adani’s rebuttal here

Gautam Adani

Asia’s richest man, who is widely perceived as being close to India’s Prime Minister Narendra Modi, also sought to portray Hindenburg’s charges against his conglomerate as an attack against his home country, in a bid to garner support from nationalists. The tycoon has often aligned his businesses with Modi’s development goals, building capital-intensive infrastructure such as ports and airports.

“This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India,” Adani said in its response.

Read what our columnists say about the Adani turmoil:

• What Really Worries Indians About Adani’s Empire: Mihir Sharma
• Adani Saga Puts Investor Trust in India in Doubt: Andy Mukherjee
• Adani Short Seller Hindenburg Opened a Pandora’s Box: Shuli Ren

Hindenburg said the response failed to answer most of its questions.

Adani’s rebuttal may not be sufficient to assuage investor concerns, said Brian Freitas, an analyst at Smartkarma.