Gautam Adani, chairman of the Adani Group took a swing as U.S.-based Hindenburg Research which had accused the Group of being involved in several financial irregularities. Following his address, at 10:57 a.m. on Tuesday, all 10 listed stocks of the Group were in the green

What Happened: Addressing shareholders on Tuesday, Adani said that the Hindenburg report was a combination of “targeted misinformation” and “discredited allegations”. “This report was a malicious and deliberate attempt aimed at damaging our reputation,” he added while speaking at the AGM.

Speaking on the Group’s massive fundraising efforts after the report came out, Adani said that the company has raised billions from international investors. “No credit agencies in India or abroad cut any of our ratings. These are the strongest validation of the belief that the investors have in your company’s governance.”

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However as reported by Benzinga India earlier, some credit agencies like Moody’s and S&P had downgraded their outlook on some of the Group’s companies in the aftermath of the Hindenburg report.

Talking about the SEBI’s ongoing investigation into the group, Adani said “While SEBI is still to submit its report, we remain confident of our governance and disclosure standards.”

Concluding the speech, Adani said that “we could have chosen to settle for average growth numbers or get up every day believing that we are on the cusp of being one of the most impactful conglomerates our nation has built.”

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