"India's future is being held back by Adani Group...," Hindenburg responds to Adani's 413 page rebuttal

"We are neither aware nor required to be aware of their 'source of funds'"

For examples, it said, "Example #1: A U.S. ~$253 Million Loan From a Mauritius Entity Where Vinod Adani Serves As a Director" and added, "Example #2: An Investment Of U.S. $692.5 Million From A Mauritius Entity Controlled By The Head Of The Adani Group's Private Family Investment Office"

Hindenburg said, "Our report outlined numerous irregularities and connections between suspected offshore stock parking entities and Adani promoters, raising key questions about whether promoter holdings were fully disclosed. Adani's response claimed it simply doesn't know who its largest public holders are."

The US firm also said, "On Adani's legal technicality defense: It strikes us as obvious that Vinod Adani is a related party to The Adani Group."

Hindenburg concluded that, "Adani's response largely confirmed our findings and Ignored Our Key Questions. Disclosure: We Are Short Adani Group Through US-Traded Bonds And Non-Indian-Traded Derivative Instruments"

In a disclaimer the Hindenburg group claimed that it held short positions in Adani Group Companies through US-traded bonds and non-Indian-traded derivatives, along with other non-Indian-traded reference securities and the report relates solely to the valuation of securities traded outside of India.

( With inputs from ANI )

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