Adani Group said on Thursday it is evaluating taking 'remedial and punitive action' under U.S. and Indian laws against short-seller Hindenburg Research, which in a report accused the conglomerate of improper use of offshore tax havens.
The logo of the Adani Group is seen on the facade of one of its buildings on the outskirts of Ahmedabad, India, April 13, 2021. REUTERS/Amit Dave/File Photo
BENGALURU, Jan 26 - Adani Group said on Thursday it is evaluating taking "remedial and punitive action" under U.S. and Indian laws against short-seller Hindenburg Research, which"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.Adani's secondary share sale saw participation from Maybank Securities and Abu Dhabi Investment Authority among others.
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