The Adani Group held the call with fixed-income investors after US short seller Hindenburg Research leveled a series of extraordinary allegations about the sprawling conglomerate.
January 27, 2023 / 08:43 AM IST
Companies linked to Indian billionaire Gautam Adani plan a detailed response Friday to a short seller’s report that they labeled as “bogus,” according to bondholders who participated in a conference call with Adani executives.
The Adani Group held the call with fixed-income investors after US short seller Hindenburg Research leveled a series of extraordinary allegations about the sprawling conglomerate. Adani Group set out a reply to some of the issues in an 18-page presentation titled “Myths of Short Seller” on the call, according to people familiar with the matter, who asked not to be named as the talks were private.
The group said it would publish a more detailed reply to Hindenburg’s 100-page dossier on Friday. On the call, it told investors that assertions of accounting fraud were “devoid of facts.” Eight of the nine Adani portfolio companies are audited by one of the so-called “big six” auditors, according to the presentation seen by Bloomberg.
The company wasn’t immediately available for comment. Hindenburg, in a statement on Twitter as the call was beginning, said Adani Group “hasn’t addressed a single substantive issue we raised.”