Hindenburg Research says Adani hasn’t addressed a single substantive issue they raised, after threats of legal action

In response to Adani Group’s threat to sue Hindenburg Research for its report, the US-based investment research firm says Adani hasn’t addressed a single substantive issue we raised.

The Adani Group earlier stated that they plan to sue Hindenburg Research for the report issued before the firm’s Rs 20,000 crore follow-on public offer (FPO) on Wednesday.

Hindenburg Research has stated in a statement that at the conclusion of our report, we asked 88 straightforward questions that we believe give the company a chance to be transparent. Thus far, Adani has answered none of these questions.

Adani Group’s Legal Head, Jatin Jalundhwala has called the report maliciously mischievous, and unresearched.

Regarding the Adani group’s plan of legal action, Hindenburg Research said “we welcome it and we fully stand by our report and believe any legal action taken against us would be meritless.”

They urged that If Adani is serious, it should also file suit in the U.S. where the research firm operates.

Hindenburg Research also claims that they have a long list of documents and would demand in a legal discovery process.