Adani Enterprises AGM: Hindenburg report was a malicious attempt at damaging Group's reputation, says Gautam Adani

Gautam Adani

Billionaire Gautam Adani on July 18 reiterated that the Hindenburg report was a combination of misinformation and discredited allegations.

Speaking at the AGM of his group companies, he said 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.

In his speech, Gautam Adani thanked all those who played a part in the company's success and emphasised that the true ambitions of the company are yet to be realised.

Also read: Adani’s go-to bankers at Barclays turn cautious after Hindenburg

He reassured the shareholders that the Adani Group remains resilient, focused on its long-term goals, and committed to maintaining its strong position in the market.

In his address, Adani emphasised the crucial role of a stable government in implementing policies and fostering economic growth.

He highlighted the positive impact of several structural reforms that have been instrumental in facilitating strong, sustainable, and balanced growth.

Adani further stressed the significance of India's demographics and the continuous expansion of internal demand, which together create a potent combination for the country's economic development. With these factors in place, he expressed optimism about the future prospects of the Adani Group and its contribution to the nation's progress.

(With inputs from agencies)