In response to the Adani Group's rebuttal on Sunday night, Hindenburg Research said that the group has failed to specifically answer 62 out of the 88 questions that the firm had posed to the group.

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"Among the questions it did answer, the group largely confirmed or attempted to sidestep our findings," Hindenburg said in its response.

Hindenburg further stated that Adani's response only includes around 30 pages focused on issues related to their report. "The remainder of the response consisted of 330 pages of court records, along with 53 pages of high-level financials, general information, and details on irrelevant corporate initiatives, such as how it encourages female entrepreneurship and the production of safe vegetables," the response said.

The research firm also claims that its report highlights numerous irregularities and connections between suspected offshore stock parking entities and Adani Promoters and raised key questions about whether promoter holdings were fully disclosed. Hindenburg said that Adani's response claimed it simply does not know who its largest public shareholders are.

Billionaire Gautam Adani's group hit back at the allegations made by short-seller Hindenburg Research and claimed that its report on the company was a "calculated attack" on India, its institutions and the growth story.

In an interview recorded before Hindenburg's response, Adani Group CFO Jugeshinder "Robbie Singh" spoke about the shareholding strucure, promoter leverage and accounting and auditor pedigree.

Singh also expressed confidence that the FPO will proceed with the current pricing and current timelines.

Hindenburg in its response has also alluded to an entity called Gudami International, run by an individual named Chang Chung Ling, who is alleged to be part of the Augusta Westland bribery scandal. Hindenburg claims that the son of Chang Chung Ling, also known as Lingo Chang, is the beneficial owner of the major contractors to the Adani Group, called PMC Projects.

Barring Adani Ports and Adani Enterprises, who are holding on to gains amid wild swings, most other Adani Group companies are extending the losses they made on Friday.

First Published:Jan 30, 2023 8:44 AM IST