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“The maliciously mischievous, unresearched report published by Hindenburg Research on 24 Jan 2023 has adversely affected the Adani Group, our shareholders and investors,” Adani Group Head – Legal, Jatin Jalundhwala, said in a statement.
The report by Hindenburg, which said it held short positions in the conglomerate, led to seven listed group companies of Adani losing $10.73 billion in market capitalisation on Wednesday. Indian markets are closed on Thursday for a public holiday.
The group, which is led by Gautam Adani, the world’s third richest person according to Forbes, dismissed the U.S. short-seller’s claims on Wednesday as baseless, saying it was timed to damage its reputation ahead of a large share offering.
Hindenburg did not respond immediately to a request for comment outside regular U.S. business hours.
Adani’s secondary share sale saw participation from Maybank Securities and Abu Dhabi Investment Authority among others.
