Hindenburg report a malicious attempt to hurt stocks: Adani

Billionaire Gautam Adani on Tuesday reiterated that the Hindenburg report was a combination of misinformation and discredited allegations.

Speaking at the AGM of his group companies, he said that on the eve of Republic Day this year, US-based short-seller Hindenburg Research published a report to short group stocks just as it was planning to launch the largest Follow-on Public Offering in India's history.

"The report was a combination of targeted misinformation and discredited allegations, the majority of them dating from 2004 to 2015.

"They were all settled by the appropriate authorities at that time.

"This report was a deliberate and malicious attempt aimed at damaging our reputation and generating profits through a short-term drive-down of our stock prices," he said.

Subsequently, despite a fully subscribed FPO, the group decided to withdraw and return the money to investors to protect their interests.

"While we promptly issued a comprehensive rebuttal, various vested interests tried to exploit the claims made by the short seller.

"These entities encouraged and promoted false narratives across various news and social media platforms," he said.