Gautam Adani, billionaire and chairman of the Adani Group, stated that the trials and tribulations of the past year have strengthened the conglomerate. Adani highlighted the group s accomplishments, which include raising Rs 40,000 crore of equity, repaying Rs 17,500 crore of margin-linked financing, and reducing debt. The Adani group achieved its highest-ever quarterly profit and launched key projects like the Dharavi redevelopment and the world s largest renewable energy generation site in Gujarat. Adani dismissed the Hindenburg Research report as a compilation of old and dead allegations, stating that it eroded market value and caused small investors to lose their savings.
The Supreme Court reserved its verdict on the probe into Hindenburg s allegations on November 24, stating it won t consider media reports against the Adani Group as gospel truth
A report in Bloomberg News said allegations put up by US-based Hindenburg Research were closely examined as the International Development Finance Corp., or DFC, conducted a due diligence investigation of the conglomerate.