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India’s Adani Group has rebutted allegations of wrongdoing.

 India’s Adani Group has rebut­ted alleg­a­tions of wrong­do­ing by short seller Hinden­burg Research that

Adani group.

wiped more than $50bn from its value last week in a bid to calm investors in the middle of a $2.4bn share sale.

Yes­ter­day Adani pub­lished a doc­u­ment of 54 pages, plus some 350 more of appen­dices in which it argued that Hinden­burg’s report had «caused ser­i­ous and unpre­ced­en­ted adverse impact on our investors».

Adani Enter­prises, one of the group’s com­pan­ies, said over the week­end that its fol­low-on pub­lic offer­ing of shares would pro­ceed as planned, des­pite con­cerns that it would struggle to attract investors. The offer­ing was inten­ded to widen the share­holder register of the sprawl­ing indus­trial group, much of which is cur­rently owned by related entit­ies and Maur­i­tius-based funds. The offer­ing was launched on Fri­day, and books are set to close tomor­row. The short seller’s chal­lenge has caused a fris­son across India’s busi­ness com­munity: the com­pany has wide-ran­ging interests, includ­ing oil and gas, ports, air­ports and min­ing. It is one of India’s largest private infra­struc­ture groups, and, before the sell-off, Gautam Adani was the world’s third-richest per­son.

Adani said that «not one» of 88 ques­tions posed by Hinden­burg «is based on inde­pend­ent or journ­al­istic fact find­ing» and called them «select­ive regur­git­a­tions of pub­lic dis­clos­ures or rhet­or­ical innu­en­dos col­our­ing rumours as fact».

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