Adani Group Calls Hindenburg’s Report As ‘Malicious’

Adani Group’s Chief Financial Officer Jugeshinder Singh on Wednesday said that the company was shocked by Hindenburg’s report and called it a “malicious combination of selective misinformation and stale, baseless and discredited allegations.” Hindenburg Research report said that Adani group companies have participated in a clear stock manipulation and accounting fraud scheme over decades. It also raised concerns over its debt and said five of seven key listed Adani companies have reported current ratios below 1. The short-seller said this suggested “a heightened short-term liquidity risk”. With the Hindenburg report…

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