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Adani Hindenburg Report: Hindenburg welcomes legal action from Adani Group, stands by its report

Following Hindenburg Research's statement regarding the Adani Group's financial debt, the Indian company announced that it is considering taking legal action against the American short-seller under both U.S. and Indian laws.

In a statement released on twitter the company said "In the 36 hours since we released our report, Adani hasn't addressed a single substantive issue we raised, At the conclusion of our report, we asked 88 straightforward questions that we believe give the company a chance to be transparent. Thus far, Adani has answered none of these questions."

Standing firm by it's report the company also challenged Adani to file a lawsuit in U.S, it said "If Adani is serious, it should also file suit in the US where we operate. We have a long list of documents we would demand in a legal discovery process"

Shares in seven listed group companies of Adani lost $10.73 billion in market capitalization in India on Wednesday after the U.S. short-seller released the report, which accused the conglomerate of improper use of offshore tax havens.

Also Billionaire U.S. investor Bill Ackman said on Thursday that he found short-seller Hindenburg Research’s report on India’s Adani Group “highly credible and extremely well researched.”

“Adani’s response to Hindenburg is the same as Herbalife’s response to our original 350-page presentation. Herbalife remains a pyramid scheme. I found the Hindenburg report highly credible and extremely well researched,” Pershing Square boss Ackman said in a tweet on Thursday.

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