Adani shares mixed after 413-page response to Hindenburg


Shares of Adani Group companies were mixed in early trading Monday after the Indian conglomerate hit back at criticisms by U.S. short seller firm Hindenburg Research in a 413-page rebuttal.

Flagship company Adani Enterprises

and Adani Ports & Special Economic Zone Ltd.

were up 6.8% and 4.8%, respectively, reversing course from double-digit drops on Friday. In contrast, Adani Total Gas Ltd.

shed 20%, Adani Transmission Ltd.

was down 18% and Adani Green Energy Ltd.

fell 12%, each extending their year-to-date losses to more than 30%.

The stock moves Monday came hours after Adani Group released its lengthy response to Hindenburg, whose allegations of wrongdoing last week led to market losses of tens of billions of dollars at Adani’s listed companies.

Adani called the Hindenburg report “a malicious combination of selective misinformation and concealed facts” intended to create help the short seller book financial gains, and characterized the report as an attack on the integrity and institutions of India. It said the dozens of questions raised in the report relate to disclosed matters, shareholders or third parties, or are “baseless allegations.”

Hindenburg said in response that Adani had failed to “specifically answer” most of its questions, and that the firm’s core allegations were left unaddressed.

Write to Ben Otto at


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