Adani Group’s Chief Financial Officer Jugeshinder Singh, in an exclusive interview with India Today, called US firm Hindenburg’s report as bogus and said they couldn’t find anything to “misrepresent” the group’s businesses.
“Even this bogus report based on lies and misrepresentations could not find anything to misrepresent in our businesses. The report doesn’t talk about our fundamental businesses,” Jugeshinder Singh told India Today.
The report by the tiny New York firm that specialises in short selling has led to Adani group losing more than USD 50 billion in market value in just two trading sessions and Adani himself losing in excess of USD 20 billion, or about one-fifth of his total fortune.
Hindenburg called out the conglomerate’s “substantial debt”, which includes pledging shares for loans; that Adani’s brother Vinod “manages a vast labyrinth of offshore shell entities” that move billions into group companies without required disclosure; and that its auditor “hardly seems capable of complex audit work”.