Author:- Kumar Pankaj
After the Adani Group labelled the allegations made against its companies by the New York-based Hindenburg Research in a report last week as a “calculated attack on India,” the Hindenburg Research fired back on Monday with a response note titled: “Fraud cannot be obfuscated by nationalism or a bloated response that ignores every key allegation we raised.” This came a day after the Adani Group had called the allegations a “calculated attack”.
“We also believe India’s future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation,” the research firm said, pointing out that Hindenburg Research believes that India is a vibrant democracy and an emerging superpower with an exciting future. “We also believe India’s future is being held back by the Adani Group,” the firm added.
“Just a few hours ago, Adani published a “413-page rebuttal.” It started out with a sensationalist declaration that we are the “Madoffs of Manhattan,” and it went on from there. It also tried, as was to be expected, to steer the conversation away from the fundamental issues at hand and instead fostered a nationalist narrative, saying that our research amounted to a “planned attack on India.” In a nutshell, the Adani Group has made an effort to combine the stratospheric development of the Adani Group and the wealth of the Adani Group’s Chairman, Gautam Adani, with the prosperity of India itself. We disagree. To be perfectly clear, we hold the opinion that India is a thriving democracy as well as a rising superpower that has an exciting future. According to the statement made by the company, “We also believe that India’s future is being held back by the Adani Group, which has clothed itself in the Indian flag while methodically robbing the nation.”
During this dispute, the political opposition in India took aim at the central government led by Narendra Modi, accusing it of having a high exposure to the Adani Group through its dealings with financial institutions such as the Life Insurance Corporation of India (LIC) and the State Bank of India (SBI). According to Jairam Ramesh, the general secretary of the Congress party, the exposure has potential repercussions for “financial stability and for the crores of Indians whose money are stewarded by these pillars of the financial system.”
Reports from various international media outlets as shared by Fact-Checker, and Co-founder of Altnews
Following the publication of the study by the New York company, the market value of the Adani Group dropped by more than USD 50 billion in only two trading sessions, and Chairman Gautam Adani lost more than USD 20 billion, which is equivalent to almost one-fifth of his total fortune.
About Author-
Kumar Pankaj is founder of The Scholar Adda and PhD scholars at the Centre of Social Medicine and Community Health, Jawaharlal Nehru University, New Delhi.
The Scholar Adda 