Sell-off losses have been accruing since the Jan. 24 publication of a critical report from U.S. short seller Hindenburg Research.
Alleging a two-year investigation, the report charged the conglomerate with engaging in a "brazen stock manipulation and accounting fraud scheme over the course of decades."a 413-page riposte"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," the Adani response said, describing Hindenburg as an "unethical short seller.
"Hindenburg has not published this report for any altruistic reasons but purely out of selfish motives and in flagrant breach of applicable securities and foreign exchange laws," it said.that the Adani commentary "predictably tried to lead the focus away from substantive issues and instead stoked a nationalist narrative, claiming our report amounted to a 'calculated attack on India'.
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