His supporters have characterized the allegations as an onslaught against India as a whole.
The outpouring of nationalist outrage came after Hindenburg released a lengthy report late last month taking aim at Adani — a close ally of Prime Minister Narendra Modi’s and, until recently, Asia’s richest man. The allegations triggered a massive sell-off of shares in Adani’s companies. Hindenburg announced that it had taken a short position, meaning it had bet that Adani shares would fall.
“Indian politicians used to never identify with any industrialists, even if they might have taken money from them. It was the U.S. that would celebrate Rockefeller,” said the business history writer Harish Damodaran. “Modi is the first prime minister who has made no bones about it. In that way, politics has changed in India. [Corporations] now tie in with a nationalist ideology.
The Adani Group’s chief financial officer, Jugeshinder Singh, sharply rejected the allegations in a video with the Indian flag in the background and, in anwith local media, invoked a British massacre of hundreds of Indians during the anti-colonial struggle.
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