siliconindia | | MARCH 20239that had the short positions in Adani companies through US-traded bonds and non-Indian traded derivative instruments, stated key listed companies in the group had `substantial debt' and the entire group on `precarious financial footing'.The report released just ahead of Rs.20,000 crore ($2.5 billion) follow-on public offer (FPO) by Adani Group's flagship firm Adani Enterprises. In a response of 413 pages, the Adani Group said, "This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India". As the Adani Group said, "It is tremendously concerning that the statements of an entity sitting thousands of miles away, with no credibility or ethics has caused serious and unprecedented adverse impact on our investors".Hindenburg's Statements and Conclusion Hindenburg's in the statements said, "The Adani response did not address any of the substantive points that the report raised. Rather, Adani has `stoked a nationalist narrative' that seeks to conflate the "meteoric rise and the wealth of its chairman, Gautam Adani, with the success of India itself". Some of the posts on Twitter painted Hindenburg founder Nathan Anderson as a shrewd upstart that Hindenburg Research is a short-seller firm in the US which is making headlines after its report on billionaire Gautam Adani's conglomerate that caused a rout in Adani Group stocks
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