The Adani Group has tried to paint serious allegations of fraud it faces as a “calculated attack on India” and its growth story.
on Hindenburg’s allegation on January 26, stating the report had created “volatility in Indian stock markets” which has “led to unwanted anguish for Indian citizens.”
The firm’s boldest attempt to invoke nationalist fervor in its defense came over the weekend, in a 413-page that labeled Hindenburg’s allegations “merely an unwarranted attack on any specific company but a calculated attack on India” and its growth story.on Monday, Singh compared the Indian stock market’s selloff of Adani’s listed stocks to the actions of Indian soldiers who gunned down other Indians on the orders of a “white person” in a British colonial-era massacre of protestors in the north Indian city of Amritsar in 1919.
Singh's decision to invoke the Jallianwala Bagh massacre—an important event in India’s independence struggle—drew more criticism, with several people that, despite his efforts to tap into patriotism, Singh himself is now an Australian national who has given up his Indian citizenship.a short position against Adani Group’s listed companies—which span various industries including infrastructure, food, green energy, power, among others—and published a report accusing the company of engaging in “brazen stock manipulation and accounting fraud scheme over the course of decades,” allegations that the company has vehemently denied.
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