Adani Group stock price continues to fall
Caught into controversies, following Hindenburg Research, a New York-based investment research firm, which has accused the Adani group of stock price manipulation and accounting fraud in a recent report, Gautam Adani led Adani group recently said that it was contemplating legal action the Hindenburg Research.
Meanwhile, in responding to Adani’s group statement regarding, legal actions, Hindenburg Research through its official twitter handle claims that in the 36 hours since we released our report, Adani hasn’t addressed a single substantive issue we raised. “At the conclusion of our report, we asked 88 straightforward questions that we believe give the company a chance to be transparent. Thus far, Adani has answered none of these questions”, it tweets.
https://twitter.com/HindenburgRes/status/1618602694436081668/photo/1
The Hindenburg further tweets, “Instead, as expected, Adani has resorted to bluster and threats. In a statement to media today, Adani referred to our 106-page, 32,000-word report, with over 720 citations and prepared over the course of 2 years, as “unresearched” and said it is “evaluating the relevant provisions under U.S. and Indian laws for remedial and punitive action” against us. Regarding the company’s threats of legal action, to be clear, we would welcome it. We fully stand by our report and believe any legal action taken against us would be meritless.”
“If Adani is serious, it should also file suit in the U.S. where we operate. We have a long list of documents we would demand in a legal discovery process”, Hindenburg Research said provoking, the India Billionaire, Goutam Adani.
It is pertinent that Congress leader, Rahul Gandhi who is not Bharat Jodo Yatra and on many occasions has blamed Modi led BJP government for giving undue benefits to the companies owned by the Goutam Adani.
Since the day when Hindenburg Research accused the Adani group of stock price manipulation and accounting fraud in its report, Group’ stock price continues to fall.
