Hindenburg report timed to damage Adani Enterprises FPO: Adani Group CFO

"We are shocked that Hindenburg Research has published a report on 24 January 2023 without making any attempt to contact us or verify the factual matrix. 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," says Adani Group chief financial officer Jugeshinder Singh.

"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 by a private sector company in India," Singh says, adding that the investor community has always reposed faith in the Adani Group on the basis of detailed analysis and reports prepared by financial experts and national and international credit rating agencies. "Our informed and knowledgeable investors are not influenced by one-sided, motivated and unsubstantiated reports with vested interests," he says.

The Adani Group 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," Singh says. "The Group has always been in compliance with all laws, regardless of jurisdiction, and maintains the highest standards of corporate governance," he adds.