Adani Group says allegations made in Hindenburg report 'stale and baseless'

Hindenburg Research said that it was shorting Adani group's stocks and accused the firms of 'brazen' market manipulation and accounting fraud

Adani Group on Wednesday said that the Hindenburg Research report was released on January 24 without making any attempt to contact them or verify the facts. It added that the allegations made have already been rejected by the "highest courts" in India. 

"The report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India's highest courts. The timing of the report’s publication clearly betrays a brazen, mala fide intention to undermine the Adani Group’s reputation with the principal objective of damaging the upcoming Follow-on Public Offering from Adani Enterprises,