Following Hindenburg Research's statement regarding the Adani Group's financial debt, the Indian company announced that it is considering taking legal action against the American short-seller under both U.S. and Indian laws.
In a statement released on twitter the company said "In the 36 hours since we released our report, Adani hasn't addressed a single substantive issue we raised, At the conclusion of our report, we asked 88 straightforward questions that we believe give the company a chance to be transparent. Thus far, Adani has answered none of these questions."
Standing firm by it's report the company also challenged Adani to file a lawsuit in U.S, it said "If Adani is serious, it should also file suit in the US where we operate. We have a long list of documents we would demand in a legal discovery process"
Shares in seven listed group companies of Adani lost $10.73 billion in market capitalization in India on Wednesday after the U.S. short-seller released the report, which accused the conglomerate of improper use of offshore tax havens.
Also Billionaire U.S. investor Bill Ackman said on Thursday that he found short-seller Hindenburg Research’s report on India’s Adani Group “highly credible and extremely well researched.”
“Adani’s response to Hindenburg is the same as Herbalife’s response to our original 350-page presentation. Herbalife remains a pyramid scheme. I found the Hindenburg report highly credible and extremely well researched,” Pershing Square boss Ackman said in a tweet on Thursday.