Gautam Adani published a 413-page rebuttal to a short seller’s allegations of widespread corporate malfeasance, seeking to calm investors in the midst of a $2.5 billion share sale and stem a rout that wiped out more than $50 billion of his group’s market value.
In a Sunday statement, the Adani Group said some 65 of the 88 questions raised by Hindenburg Research have already been addressed in public disclosures and called the US firm’s conduct “nothing short of a calculated securities fraud under applicable law.” It also repeated a threat of legal action.
