Sun. May 19th, 2024

Gautam Adani, chairman of Adani Group, said on Tuesday that the Hindenburg report, which was published on his business on January 24, was made up of intentional falsehoods and unsubstantiated charges, most of which dated from 2004 to 2015. He made the remarks while speaking at the annual shareholder meetings of two group firms, Adani Enterprises, and Adani Total Gas. According to the chairman, the group’s balance sheet is “healthier than ever before.”

It called the short-seller claim from the United States a “deliberate and destructive effort aimed at harming our image and making profits via an immediate drive-down of our shares prices.”

In his fight over Hindenburg, the business tycoon once again exploited nationalist sentiment, claiming that the report was released on the “eve of our Republic Day this year, when we were preparing to make the biggest follow-on initial offering in India’s history.” Adani Group, he replied, was characterised by its endurance. “The resilience that allows us to get back up stronger after every setback.” The fortitude that fuels our faith in the nation we name our matrubhumi (motherland).”

Following the report, the company’s market value plummeted by billions of dollars, and it has battled to repair the damage inflicted by the 106-page paper. “As they promptly published a thorough response, various special interests tried to take advantage of the short-seller’s allegations.”

“These organisations supported and promoted disinformation on a variety of news and social media platforms,” Adani stated.
After then, the group has placed financial health over the recent ambitious debt – fueled growth spree. It forgave debt, reduced capital spending plans, and cancelled M&A transactions. To strengthen up its finances, Adani raised more than $2 billion from Australia-listed asset management GQG Partners. “Our history stands for itself, and I am thankful for the assistance that our stakeholders provided as we faced difficulties.” It is worth mentioning that even throughout this crisis, we not only raised multiple billions of dollars from foreign investors, but no credit agency, in India or elsewhere, downgraded any of our grades.”

“I wasn’t aware that Adani Group was going into one of the biggest business groups in the nation,” Adani, who formed the firm over three decades ago, said. The group had a profit of Rs.23,509 crore on an income of Rs.2.6 lakh crore in FY23. “We can opt to settle for normal expansion numbers, or we could wake up every day thinking that we are on the verge of becoming among the most influential companies our country has ever created,” Adani said.