What Hindenburg has got wrong

It is hard to agree with Hindenburg's broad-brush rationale for dissing corporate India. If anything, over the past few years, corporate governance standards in the country have strengthened

The Hindenburg report has been critical of the state of Indian capital markets. It says, “India is home to many of the world’s most brilliant entrepreneurs, engineers, and technologists and is emerging as a global superpower. However, the country’s economy has been held back by the broken state of its capital markets.” This sweeping statement about the state of Indian capital markets risks creating a false perception about India with global investors.

Given the spotlight on the Adani group, the allegations made by Hindenburg are likely to colour the view of Indian markets for many. We have a contrarian view: A