Hindenburg Counters 413-Page Adani Reply, Says Conflating Business With Nationalism

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By Mohammed Kudrati Hindenburg Research has called the Gautam Adani-led Adani Group’s 413-page response to its original report as hollow, accusing the energy to ports conglomerate of obfuscating its business with the Indian growth story. It says that the group addresses the concerns raised by it only fleetingly. “It also predictably tried to lead the focus away from substantive issues and instead stoked a nationalist narrative, claiming our report amounted to a “calculated attack on India.” In short, the Adani Group has attempted to conflate its meteoric rise and the wealth of its Chairman, Ga…

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