The Adani group is considering its legal options against the Hindenburg Research report that called the group 'a risk to investors'. “We are evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg Research”, Jatin Jalundhwala, Legal Head of Adani Group said in a statement on Friday.
The report has "adversely affected the Adani Group, our shareholders and investors and has created unwanted anguish for the citizens" according to Jalundhwala. He has referred to the report as an intentional, reckless attempt by a foreign entity to mislead the investors ahead of a Follow-on Public offering from Adani Enterprises.
Further, the statement alleges Hindenburg of being intentionally involved in undermining the goodwill of the group as it clearly stands to gain from any slide in the Adani shares by virtue of holding short positions in various Adani companies.
The group on Wednesday had rejected the claims of Hindenburg Research and had referred to the report as a combination of malicious misinformation.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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