Adani's assets plummeted due to a report...

Indian billionaire Gautam Adani has responded to claims by a research firm after suffering billions of rupees in losses following fraud allegations. At the same time, Hindenburg also replied that he stood by his report. Gautam Adani, Asia's richest man, said his group has been openly accused of scams and accounting fraud, which is not fair. Gautam Adani's Adani Group has accused the US investment firm's report of presenting 'malicious' and 'selective misinformation'. Adani Group has lost nearly $11 billion in its share value since the research was made public on Wednesday. Now the Adani Group is considering taking legal action against New York-based Hindenburg Research. Hindenburg, on the other hand, has said that he stands by his report and would welcome legal action. The Adani Group is one of India's largest conglomerates and its business spans across sectors including commodity trading, airports, utilities and renewable energy. According to Forbes magazine, the group's owner, Indian billionaire Gautam Adani, is the fourth richest person in the world. Hindenburg specializes in 'short selling', that is, betting on shares of companies whose prices are expected to fall. Hindenburg in his report accused Adani of 'the biggest fraud in the corporate world'. The allegation comes at a time when the public sale of Adani Group shares is about to be launched. The report questioned Adani Group's holdings of companies located in overseas tax havens such as Mauritius and the Caribbean. The report also claims that Adani's companies are heavily indebted, putting the entire group at 'grave financial risk'. But on Thursday, the Adani group said it was considering taking corrective and punitive action against Hindenburg Research in India and the US. After the announcement of legal action by the Adani group against Hindenburg Research, Hindenburg Research has said that it is ready for any kind of legal action and stands by its report. He has released a statement saying that Adani has not responded on any serious issue in the last 36 hours after our report. At the conclusion of the report we asked 88 precise questions that give the company a chance to prove itself innocent. So far Adani has not given a single reply. Also as we hoped, Adani chose the path of threat. In a statement to the media, Adani termed our 106-page, 32,000-word, two-year report with more than 720 examples as "unresearched" and said they were "evaluating the applicable provisions under American and Indian law for criminal prosecution" against us. As far as a legal threat is concerned by the company, we would like to state that we would welcome it. We stand by our report and any legal action taken against us would be baseless. If Adani is serious then they should file a case in America. There is a long list of documents that we will require during the legal process...

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