The Adani Group issued a blistering riposte to a Hindenburg Research report that prompted a $48 billion rout in its stocks and marked a dramatic setback for Gautam Adani ahead of a major share sale.
"All transactions entered into by us with entities who qualify as 'related parties' under Indian laws and accounting standards have been duly disclosed by us," Adani said in the 413-page response issued late on Sunday.
Adani said on Thursday that it is considering taking action against Hindenburg, which responded on the same day by saying it would welcome such a move. Adani's response stated that over the past decade, its group companies have "consistently de-levered". Adani's response included more than 350 pages of annexes that included snippets from annual reports, public disclosures and earlier court rulings.
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