Hindenburg Research has countered Adani Group’s 413-page response to the short seller’s allegations of "stock manipulation and accounting malpractices" calling out the report as “a bloated response.”

It said “fraud cannot be obfuscated by nationalism.”

What Happened: In an extensive 413-page report on Sunday, Adani Group dismissed all allegations and termed Hindenburg Research’s ‘two-year long investigation’ as an "attack on India and its independent institutions."

The Adani Group said the report was "baseless" and "driven by an ulterior motive to create a false market" and allow the firm to make financial gains. Adani’s report goes on to state that the short seller’s report – which has since wiped out more than ₹4,08,285 crore from the group’s market value is “not merely an unwarranted attack on any specific company but a calculated attack on India.”

Responding to these statements, Hindenburg Research in a blog post has stated that the group "predictably tried to lead the focus away from substantive issues and instead stoked a nationalist narrative."

The company also goes on to state that Adani's 413-page response only included about “30 pages” focused on issues related to the allegations levelled in its original report. As per the short-selling firm, Adani Group failed to answer 62 of 88 questions posed in its report.

“The remainder of the response consisted of 330 pages of court records, along with 53 pages of high-level financials, general information, and details on irrelevant corporate initiatives, such as how it encourages female entrepreneurship and the production of safe vegetables,” said Hindenburg.

The New York-based research firm said it believed “India is a vibrant democracy and an emerging superpower with an exciting future.” It further added that the country is “being held back” by the Adani Group, which has “draped itself in the Indian flag while systematically looting the nation.”

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