Last week, Hindenburg Research in a 106-page report accused the Gautam Adani-led conglomerate of indulging in fraud, stock market manipulation, and money laundering.
Adani Group has attempted to conflate its meteoric rise and the wealth of its chairman, Gautam Adani, with the success of India itself, says Hindenburg Research.
"If Adani is serious, it should also file suit in the U.S. where we operate. We have a long list of documents we would demand in a legal discovery process," says Hindenburg Research.
Billionaire Gautam Adani-led company allotted 1.83 crore equity shares to 33 institutional investors at ₹3,276 a share, the upper end of the FPO price band.