In Continuation Of Assaults On Indian Economy

Last week, the controversial short seller Nathan Andersen’s Hindenburg Research released a report targeting Adani Group as if the Adani Group were the equivalent, parallel and acronym of the Indian economy.

The report was laced with various framed and vague accusations ranging from conspiracy theories (such as linking Adani with arrests and murders of journalists), to stock manipulation, accounting fraud, and concerns over the group's leverage and valuations.

This report resulted in the Adani Group stocks losing Rs 4 lakh crores of market cap within two days. The Hindenburg report was timed just ahead of Adani’s biggest-ever public issue to sabotage Adani Group’s flagship company – the Adani Enterprises Ltd. The result was that, though the target was the Adani Group, we saw a bloodbath and marked bearish fall in the stock market with many top 500 companies closing in red. The stock indices resorted to hard hit bleeding for two successive days. Along with that, the Indian stock markets lost their eminent position in the top 5 equity markets in the world. In other words, the attack on Adani heavily impacted the overall equity markets and valuations of many other famed companies and banks.

The intent of this report was to create suspicion and cast aspersions on the credibility of Indian companies and in turn, on Indian economy, and thereby stall the fund raising opportunities and options of Indian companies.

VESTED INTEREST OF A SHORT-SELLER