He termed america shortseller’s document a “deliberate and malicious attempt aimed at damaging our reputation and generating profits through a short-term drive-down of our stock prices”.
The industry multi-millionaire as soon as once more invoked nationalist sentiment in his struggle towards Hindenburg, who had introduced the document at the “eve of our Republic Day this year just as we were planning to launch the largest followon public offering in India’s history”. He stated Adani Group used to be outlined by way of resilience. “The resilience that allows us to get up stronger every time we take a hit. The resilience that drives our belief in the nation we call our matrubhumi (motherland). ,
After the report, the group has lost billions of dollars in market capitalization and has struggled to repair the damage caused by the 106-page document. “While we promptly issued a comprehensive rebuttal, various vested interests tried to exploit the claims made by the short-seller. These entities encouraged and promoted false narratives across various news and social media platforms,” Adani said.
Since then, the group prioritized financial health over the aggressive debt-fuelled expansion spree of recent years. It repaid debt, scaled back capital expenditure plans and canceled M&A deals. Adani also raised over $2 billion from Australia-listed asset manager GQG Partners to shore up finance. “Our track record speaks for itself, and I am grateful for the support our stakeholders have shown as we went through our challenges. It is worth noting that even during this crisis — not only did we raise several billions from international investors — but also that no credit agency, in India or abroad, cut any of our ratings”.
Adani, who based the conglomerate over 3 a long time in the past, stated: “I had by no means imagined that Adani Group would develop to develop into one of the crucial biggest conglomerates within the nation”. In FY23, the gang posted a benefit of Rs 23,509 crore on an source of revenue of Rs 2.6 lakh crore. “We could have chosen to settle for average growth numbers, or we could get up every day believing that we are on the cusp of being one of the most impactful conglomerates our nation has built,” stated Adani.