Adani said in its published response that the transactions were compliant and at arm’s length terms.
The short seller’s allegations have wiped billions of dollars of value from the sprawling empire of Gautam Adani, who was the world’s third-richest man until more than US$22bn was erased from his personal net worth in the fallout from the report. The Indian industrialist is now the world’s seventh-richest, according to Forbes.
The issue has weighed on the broader Indian market, denting otherwise strong recent returns for emerging markets. Hindenburg disclosed it took a short position in Adani companies before it published its report. Activist funds like Hindenburg use financial instruments to profit from falling share prices in the companies they target, which they believe are heavily overvalued and have poor or fraudulent business practices.Adani’s lengthy statement contains responses to questions raised by Hindenburg, as well as supporting documents such as court rulings and extracts from company reports.
The response also questions the motives, transparency and legality of the Nate Anderson-founded activist fund.Our Australian morning briefing email breaks down the key national and international stories of the day and why they matterNewsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our