The business group, led by
It said the report "concealed facts relating to baseless and discredited allegations to drive an ulterior motive" and was an attack on
Billionaire Adani's group planned to raise
However, the Hindenburg report released on Jan.24 has jeopardized the offer.
In early November, Forbes estimated the billionaire at
On Monday, the business magazine said the 60-year-old businessman had a net worth of
The report alleged that the infrastructure and commodities business group had committed massive stock manipulation and accounting fraud to inflate the profits of its debt-ridden firms.
Since the release of the report, the conglomerate and the short seller have traded barbs.
"It is tremendously concerning that the statements of an entity sitting thousands of miles away, with no credibility or ethics has caused serious and unprecedented adverse impact on our investors," the conglomerate said.
"This is not merely an unwarranted attack on any specific company but a calculated attack on
Responding to Adani's counter-accusation, running into a 413-page response,
"
The US firm said its report detailed a vast labyrinth of offshore shell entities directed by or associated with
"We believe that fraud is a fraud, even when perpetrated by one of the wealthiest individuals in the world. EFE
© 2023 EFE News Services (U.S.) Inc., source