Adani Group Response To Hindenburg Research
Adani Group Response To Hindenburg Research: Adani Group has said that out of 88 questions asked by Hindenburg Research, 21 questions are such that the company has answered in different public documents since 2015. The group has said in its reply that the Hindenburg Research Report cannot claim that such a conclusion has been reached after two years of investigation. Adani group has already given information about them publicly.
Adani Group replied
Shares of Adani Group saw a sharp decline on Friday as well and this has been seen continuing since Wednesday after the report of America’s Hindenburg Research. However, Adani Group has clearly stated that this report is based on misleading facts and has been deliberately shown in a wrong way. Actually these questions of Hindenburg Research are about party’s transactions, DRI (Directorate of Revenue Intelligence) and litigation in court. Adani group has answered these questions through a presentation titled ‘Myths of short seller’.
What Adani Group said about audit and companies
In its presentation, Adani Group said that out of its 9 listed companies, 8 have been audited by Big 6 auditors. Big 6 auditors are planned to do this work for Adani Gas audit as well. While the companies are on leverage or over leveraged, it has been said on behalf of the group that out of 100 companies, 100 are rated companies and they are responsible for 100 per cent of its EBITDA.
Adani Group’s reply on the issue of revenue and balance sheet
On the revenue and balance sheet front, Adani Group said that out of 9 companies listed in its portfolio, 6 are under specific regulatory review for revenue, cost and capital expenditure. On the other hand, on the issue of governance, the group said that Adani’s companies account for 7 per cent of its emerging market peers. At the same time, this achievement applies to both sector and global standards. It also states that its total promoter leverage is 4 per cent of its total promoter stake.
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