Hindenburg alleged that its two-year investigation found the Adani Group “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades" and called out the conglomerate’s “substantial debt." The Adani Group, meanwhile, has said it’s exploring legal action against the research firm, calling Hindenburg’s report “maliciously mischievous," “bogus" and “unresearched."
On Sunday, Moitra on Twitter shared screenshots of the letter and wrote, Glad that Hindenburg used my letters to SEBI as part of their investigative work & reached a “logical conclusion" even if SEBI couldn’t!
And, as one of her followers pointed out that she might be ‘slapped with huge defamation suit’, she responded saying ‘looking forward’
Moitra had often questioned the Adani Group on social media platforms regarding their projects, source of income, and share prices. Previously, she even urged the SEBI to look into the matter.
On Saturday, TMC leader shared a series of old tweets and letters where she alleged fraud against the Adani Group, and wrote 'I Told You So'.
Hindenburg Research released its report just days before Adani Enterprises launched India’s biggest ever primary follow-on public offering that’s seeking to fund capital expenditures and to pay down the debt of its various units.
The group lost more than $50 billion in market value in two sessions, costing Adani himself in excess of $20 billion, or about one-fifth of his total fortune, according to the Bloomberg Billionaires Index.
