Indian billionaire Gautam Adani has refuted a report by U.S.-based short-seller Hindenburg Research, saying that it contains “targeted misinformation” aimed at tarnishing the conglomerate’s reputation.
The Hindenburg report, published on Jan. 24, accused the Indian conglomerate Adani Group—which is led by Mr. Adani—of engaging in stock manipulation and accounting-fraud schemes over decades.
At the company’s annual general meeting on July 18, Mr. Adani said the report was a “deliberate and malicious attempt” to damage its reputation and generate profits by driving down the company’s stock prices.
Mr. Adani alleged that the report contains “discredited allegations” dating back to the period 2004–15, further noting that its publication coincided with the company’s plan to launch its largest follow-on public offer….