The Adani Group, led by billionaire Gautam Adani, responded in 413 pages to a 106-page analysis by Hindenburg Research, maintaining that the claims made by them are "nothing but fraud" and that the report is neither "independent" nor "objective" or "fully researched."
The group said that Hindenburg, based in New York, was an "unethical short seller" who would only profit from the inevitable decline in share prices. "This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," it asserted.
