Gautam Adani, the founder and chairman of the Adani Group, stated today in a shareholder address that the Hindenburg report was an intentional, malicious attempt to harm the reputation of the Adani Group and create profit by bringing its stocks down in the short term.

“We continue to have faith in our transparency and governance requirements. I pledge that we will keep trying to raise the bar for disclosure and governance. We have a track record that speaks for itself,” Mr. Adani remarked, thanking all parties for their assistance during this trying time.

He noted that the Adani Group raised many billions from foreign investors and that no international credit agency had downgraded the Adani Group’s ratings.

Before the Follow-On Public Offer (FPO), the US-based short-seller produced a paper recommending that investors short the Adani Group’s stocks.

According to the multibillionaire industrialist, the Hindenburg report was a combination of debunked allegations and malicious falsehoods and that Adani Group planned to undertake the largest follow-on public offer in India’s history.

According to Mr. Adani, the majority of the charges in the Hindenburg investigation were made between 2004 and 2015.

“Parties with vested interests pushed and fostered false narratives on various news and social media platforms, but Adani Group acted to safeguard investor interest. In order to protect investors’ interests, we chose to cancel the FPO even though it had received a full subscription, and we gave investors their money back.

He claimed that no instances of regulatory failure were discovered by a Supreme Court Expert Committee looking into the claims surrounding the Hindenburg, which released its findings in May 2023.

Gautam Adani continued by stating that the Committee “cited credible charges of targeted destabilisation of the Indian markets and also confirmed the quality of our Group’s disclosures.”