We stand by our report on Adani Group, any legal action against us would be meritless: Hindenburg Research

Stop Adani protest outside Josh Frydenberg's Camberwell office. [Photo: Creative Commons CC-by-SA/ Julian Meehan]

New Delhi: We fully stand by our report on Adani Group and believe that any “legal action taken against us would be meritless”, Hindenburg Research said on Thursday.

“Regarding the company’s threats of legal action, to be clear, we would welcome it. We fully stand by our report and believe any legal action taken against us would be meritless,” said Hindenburg Research in a statement that was posted on its official Twitter handle.

Earlier on Thursday, Adani Group said it was mulling legal options in the US and India against Hindenburg Research after its report accused firms owned by Gautam Adani of market manipulation and accounting fraud.

Jatin Jalundhwala, Group Head, Legal, Adani Group, in a statement, said, “The maliciously mischievous, unresearched report published by Hindenburg Research on 24 January 2023 has adversely affected the Adani Group, our shareholders and investors.”

“We (the Group) are evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg Research,” Jalundhwala said.

The legal head further added the volatility in Indian stock markets created by that report is of great concern and has led to ‘unwanted anguish’, among Indian citizens.

Hours after the Adani group legal head’s statement, Hindenburg Research, in its statement, 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.”

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