“Today it’s us, tomorrow it could be someone else,” remarked Gautam Adani regarding the Hindenburg episode.

A year following the allegations of fraud and stock price manipulation by US-based short-seller Hindenburg Research, which the Adani Group vehemently denies, Gautam Adani penned an article in the Times of India, asserting that the conglomerate had strengthened its business fundamentals in various aspects.

Describing the accusations as a “scheming assault,” Adani expressed his obligation to share insights, emphasizing that the situation faced by his group could potentially be encountered by others in the future. Although the repercussions of Hindenburg’s report persist, Adani’s stocks have rebounded by over $90 billion from their low last year, yet they remain approximately $60 billion below their pre-Hindenburg peak.

To counter the impact of the Hindenburg allegations, Adani focused on reducing debt, restructuring loans, and securing $5 billion in equity investments. Despite the persistent denials of the short-sellers claims, most of the group’s 15-dollar bonds now trade above distressed levels.

Addressing the recurring theme of falsehoods and unsubstantiated allegations, Adani admitted that while a comprehensive response was initially issued, he chose to not dwell further on the matter. He characterized the Hindenburg allegations as a “multifaceted assault” with political ramifications, each facet reinforcing the other.

Expressing concern over the potential ramifications if the detractors’ agenda had succeeded, Adani highlighted the critical infrastructure assets that could have been affected. He credited the group’s resilience and confidence in its businesses for adopting a primary contrarian strategy in handling the situation.

Adani also expressed gratitude for the expanded shareholder base, which grew by 43% during the challenging period. Despite acknowledging the possibility of future attacks, he expressed confidence in the group’s ability to endure and continue contributing to India’s growth trajectory.

Concluding on a note of determination and resilience, Adani asserted that the experience had only served to strengthen their resolve in navigating future challenges and contributing to India’s progress.

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