Adani group may sue Hindenburg for 'mischievous, mala fide' report

US firm stands by report, says will demand documents in legal battle

The Adani Group plans to sue US-based investment research firm Hindenburg Research for a “malafide and mischievous” report published before the Indian firm’s Rs 20,000 crore follow on public offer (FPO) pulled down company shares on Wednesday.

“We are evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg Research,” the group said in a statement.

Responding to Adani Group’s statement, Hindenburg said it stands by its report, adding that it has a long list of documents it will demand in a legal discovery process.

“In the 36 hours since we released our report,