Gautam Adani Dismisses Hindenburg Report On Corruption, Calls It 'Premeditated' And 'Malicious'

Gautam Adani, in his speech during the Adani Enterprises AGM, on July 18, addressing the Hindenburg report, said that it was a premeditated and malicious effort to defame the Adani Group’s reputation.

Adani further said that the report also tried to manipulate the company’s stocks for short-term financial gain. He reassured his shareholders that the conglomerate remains resilient, focusing on long-term goals and is committed to maintaining its strong position in the market.

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"Subsequently, despite a fully subscribed FPO, we decided to return the money to investors to protect their interests. While we issued our rebuttal, various vested interests targeted us," Adani said.

He denied all allegations by the Hindenburg report and is also working on a comeback strategy that includes recasting its ambitions, scrapping acquisitions, pre-paying debt to address concerns about its cash flows and borrowings, and scaling back its pace of spending on new projects.

“Our track record speaks for itself. I am grateful for the support our stakeholders showed us while we went through these challenges. It is also worth noting that during this crisis, not only did we raise billions from international investors, no rating agency cut our ratings,” he added.

Promoters of the group had sold shares worth Rs 11,330 crore since May to leading US-based global equity investment boutique GQG Partners. Adani Enterprises also raised new debt by pledging 21% of the shares of Adani Road Transport, NSDL data showed. It had pledged 1.95% of Adani Road Transport shares during the September 2022 bond issue.

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He later on emphasized on the crucial role of the government in implementing economic policies fostering growth and highlighted the positive impact of several structural reforms that have been instrumental in facilitating strong, sustainable, and balanced growth.

He expressed optimism about the future of the group and its contribution to the country’s progress along with these factors.

Adani Enterprises stocks are trading in green today, 2.72% higher than yesterday at Rs 2,474 per share at the time of writing this article, 11:08 am IST. It opened at Rs 2,412 per piece in Tuesday's volatile session.