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.
Well-known hedge fund manager believes research is as credible as his own campaign against Herbalife.
Adani Group says there are more than 27 statutory audit firms which audit the various entities within Adani Enterprises.
Shares of Adani group companies extended fall for the second session, falling up to 20% in early trade, led by Adani Total Gas and Adani Green Energy.
"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.
Adani Group says the Hindenburg report is a "malicious combination of selective misinformation and stale, baseless and discredited allegations."
The 7 listed companies of Gautam Adani-led Adani Group are 85% overvalued, says Hindenburg Research.
Billionaire Gautam Adani-led company has fixed FPO floor price at ₹3,112-3,276 per share, and a discount of ₹64 apiece for retail investors.
