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International Finance: Adani Group calls Hindenburg report ‘bogus’; Pershing Square’s Ackman says it’s ‘highly credible’

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Companies linked to Indian billionaire Gautam Adani plan a detailed response on Friday to a short seller’s report that they labelled as “bogus”, according to bondholders who participated in a conference call with Adani executives.

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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.on Twitter as the call was beginning, said Adani Group “hasn’t addressed a single substantive issue we raised”.

The investor call was arranged by Barclays, Deutsche Bank, Mitsubishi UFJ Financial Group and Standard Chartered, according to one of the people. Barclays, Deutsche and Standard Chartered declined to comment while MUFG did not immediately respond to a request for comment.

 

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