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Hindenburg Research says if Adani Group files a lawsuit, it will demand documents from the company.

image source-Millenium Post   Adani Group has announced that it is considering legal action against Hindenburg Research, a US-based investment research firm, for its recent report on the Indian conglomerate. In response, Hindenburg has stated that it fully stands by its report and believes any legal action taken against them would be without merit. The report, which was released this week, alleged that Adani Group had used undisclosed related-party transactions and earnings manipulation to "maintain the appearance of financial health and solvency" of its listed business units. The firm also stated that they would welcome any legal action taken by Adani Group and would use the discovery process to demand documents.
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Adani Enterprises FPO kicks off amidst falling stock prices and allegations of fraud

 


Adani Enterprises launched a follow-on public offer (FPO) worth ₹20,00crores on Friday, with shares being sold in the price range of ₹3,112 to ₹3,276 each. The offer will close on January 31, 2023. Ahead of the offer, the company raised ₹5,98crores from anchor investors. However, the Adani Group's stocks fell up to 20% in morning trade following damaging allegations made by US-based investment research firm Hindenburg Research. Adani Total Gas, Adani Transmission, Adani Green Energy, and Adani Enterprises all saw significant drops, as did Adani Ports and Special Economic Zone, Adani Wilmar, and Adani Power. The Adani Group has stated that it is considering legal action against Hindenburg Research for attempting to sabotage the share sale. The Sensex and Nifty also ended more than 1% lower, hitting a three-month low as the sell-off in Adani Group shares and banks wiped off a combined $48 billion in the conglomerate's market value over two days.

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