'Under no illusion that this is the end of such attacks': Gautam Adani after one year of Hindenburg episode

Adani’s statement comes precisely one year after a critical report from a US-based short-seller Hindenburg Research targeted the conglomerate.

“I am under no illusion that this is the end of such attacks. I believe we have emerged stronger from this experience and more unwavering in our resolve to continue our humble contribution to the India growth story,” wrote Adani in The Times of India.

It's worth mentioning that most of Adani Group's companies have recovered the losses they made following the release of the Hindenburg Research report on January 25, 2023.

The report from the US short-seller accused the conglomerate of engaging in fraudulent practices and stock manipulation. This resulted in a major market capitalization decline of $150 billion and compelled the conglomerate to cancel the Rs 20,000 crore FPO for its flagship company, Adani Enterprises.

Although Adani Group vehemently refuted the allegations, the incident not only triggered a decline in Adani Group stocks but also became a subject of political discourse.

The Supreme Court initiated an investigation, forming an independent committee to examine the matter. Simultaneously, the Securities and Exchange Board of India (SEBI) launched a parallel probe.

None of Hindenburg's accusations against Adani have been substantiated so far.

Gautam Adani further underscored that the Hindenburg episode went beyond being merely an assault on the financial markets.

"The impact of short-selling attacks is normally limited to financial markets. This, however, was a unique two-dimensional attack: a financial one, of course, and one that played out in political space, each feeding off the other,” he wrote.

Adani went on to add that if Hindenburg’s plan had succeeded, it would have triggered a “catastrophic situation” for the country.

"Had our detractors' plan fully succeeded, domino effects could have crippled many critical infrastructure assets, seaports, and airports to power supply chains - a catastrophic situation for any country,” Adani said.

Adani said that the challenges and difficulties faced over the past year have offered valuable lessons.

"Trials and tribulations of the past year have taught us valuable lessons, made us stronger and reaffirmed our faith in Indian institutions,” he wrote.

“While this devious attack on us - and our strong countermeasures - will no doubt become a case study, I felt compelled to share my learnings because it was us today, it could be someone else tomorrow,” Adani added.