Adani Group Vows to Take Legal Action Against US Investment Firm’s “Malicious” Allegations of Fraud

India’s Adani Group, run by Asia’s richest man Gautam Adani, has accused a US investment firm of launching “a calculated attack” on India by publishing a report alleging widespread fraud at the ports-to-power conglomerate.

The report from U.S.-based short-seller Hindenburg Research accused the group of “brazen stock manipulation and accounting fraud scheme over the course of decades.” Adani has called the report “malicious,” “baseless” and full of “selective misinformation.”

Adani has also accused Hindenburg, which said it was betting against the group’s companies, of trying to derail a share sale originally expected to bring in about $2.5 billion. Since the release of Hindenburg’s report, Adani’s business empire has lost more than $70 billion of its stock market value.

Adani has responded to the report by saying that it is “committed to the highest standards of corporate governance and regulatory compliance” and that it “will take all necessary legal action to protect its reputation and interests.” The company has also stated that it will “vigorously defend itself against any false and malicious allegations.”

The Adani Group is one of India’s largest conglomerates, with interests in energy, ports, airports, logistics, and real estate. The company has been the subject of controversy in the past, but has consistently denied any wrongdoing. The latest allegations from Hindenburg Research have yet to be proven, and the Adani Group is determined to protect its reputation and interests.