Adani accuses short-seller Hindenburg of attacking India

By KRUTIKA PATHI
Associated Press

NEW DELHI, India (AP) — India’s Adani Group, run by Asia’s richest man, has hit back at a report from U.S.-based short-seller Hindenburg Research, calling it “malicious,” “baseless” and full of “selective misinformation.” Shares in the conglomerate have suffered massive losses since Hindenburg issued its report alleging fraud and other malfeasance. Adani has also accused Hindenburg, which said it was betting against the group’s companies, of trying to derail a share sale originally expected to bring in about $2.5 billion. Adani’s 400-page rebuttal issued late Sunday accuses Hindenburg of attacking India and its institutions. Hindenburg denied that and said the group’s response failed to address key questions.