‘Report’s publication betrays brazen, mala fide intention to undermine Adani Group’s reputation’

In a statement, Jugeshinder Singh, Group CFO, Adani, said the report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India's highest courts.

New Delhi: The Adani Group said that it is shocked that Hindenburg Research had published a report on January 242 without making any attempt to contact us or verify the factual matrix.

In a statement, Jugeshinder Singh, Group CFO, Adani, said the report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts.

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“The timing of the report’s publication clearly betrays a brazen, mala fide intention to undermine the Adani Group’s reputation with the principal objective of damaging the upcoming Follow-on Public Offering from Adani Enterprises, the biggest FPO ever in India,” Singh said.

“The investor community has always reposed faith in the Adani Group on the basis of detailed analysis and reports prepared by financial experts and leading national and international credit rating agencies.

“Our informed and knowledgeable investors are not influenced by one-sided, motivated and unsubstantiated reports with vested interests,” the Group said.

The Adani Group, which is India’s leader in infrastructure and job creation, is a diverse portfolio of market-leading businesses managed by CEOs of the highest professional calibre and overseen by experts in various fields for several decades.

The Group has always been in compliance with all laws, regardless of jurisdiction, and maintains the highest standards of corporate governance, Singh said.