The allegations put a spotlight on the relationship between India's business and political elite
n January, Gautam Adani appeared in a rare televised interview on a Hindi news channel, India TV, to answer a host of questions from a fawning show anchor about how he became Asia’s richest man. When asked about his strong rapport with Indian Prime Minister Narendra Modi and if the government had played a role in helping build his wealth, Adani, “I don’t chase numbers.
,” alleging stock manipulation, accounting fraud, and other malfeasance. Hindenburg said the report followed a two-year investigation and was based on interviews with former executives, site visits, and the review of thousands of documents. In response to Hindenburg’s allegations, Adani Group issued a 413-page reply that called the short-seller’s claims “stale, baseless, and discredited allegations.” Notably, the company also called the report a “calculated attack on India, the independence, integrity, and quality of Indian institutions, and the growth story and ambition of India.
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