Business
Adani Group hits back with detailed responses to Hindenburg’s unsubstantiated accusations

On Sunday, Adani Group responded to unsubstantiated allegations and misleading narrative peddled by Hindenburg Research at length in an over 400-page response backed by relevant documents.
Adani Group’s response also raises the questions against the ulterior motives and modus operandi of Hindenburg that has conveniently ignored the Indian judiciary and regulatory framework.
The detailed response from Adani Group covered its governance standards, credentials, creditworthiness, best practices, transparent conduct, financial and operational performance and excellence.
The Hindenburg report has been made with a clear intent to profiteer at the cost of our shareholders and public investors. Its report is neither “independent” nor “objective”. It is a manipulative document that is rife with conflict of interest and intended only for creating a false market in securities to book wrongful gain, which clearly constitutes securities fraud under Indian law.
Of the 88 questions posed by Hindenburg, it is pertinent to note that 68 refers to the matters that have already been duly disclosed by Adani Group companies in their respective annual reports, offering memorandums, financial statements and stock exchange disclosures from time to time. Sixteen out of 20 questions are pertaining to public shareholders and their sources of funds, while the balance four are simply baseless allegations.
Needless to say that Hindenburg has created these questions to divert the attention of its target audience while managing its short trades to benefit at the cost of investors. The report claims to have undertaken a “2-year investigation” and “uncover evidence”, but comprises nothing other than selective and incomplete extracts of disclosed information which has been in the public domain for years.
“We take serious objection to Hindenburg that chose to mislead the investors, watchdogs and policy makers at a time when Adani Group has launched country’s largest FPO. Adani Group is deeply committed to its stakeholders, and it is thankful to them for standing with us over the past 30 years. Shockingly, Hindenburg Research’s attack on the trust of Adani Group’s stakeholders undermines its commitment for the ‘Growth with Goodness’,” Adani Group said.
Hindenburg Research has come up with a document covering selective and twisted extracts of already disclosed information to raise questions in the minds of Indian and global investors to mislead them about Indian growth story. It is an attack on the trust of Adani Group’s stakeholders undermines its commitment for the ‘Growth with Goodness’.
Adani Portfolio companies have successfully and repeatedly executed an industry beating expansion plan over the past decade. While doing so, the companies have consistently de-levered with portfolio net debt to EBITDA ratio coming down from 7.6x to 3.2x, EBITDA has grown 22 per cent CAGR in the last 9 years and debt has only grown by 11 per cent CAGR during the same period.
Equity Injection in the Adani Portfolio Adani Portfolio has raised $16 billion equity under a systematic capital management plan for all the Portfolio companies over the last 3 years as a combination of primary, secondary and committed equity from marquee investors like TotalEnergies, IHC, QIA, Warburg Pincus etc.
The portfolio has developed deep bank relationships with institutions such as JP Morgan, Bank of America Merrill Lynch, Citi, CreditSuisse, UBS, BNP Paribas, Deutsche Bank, Barclays, Standard Chartered, MUFG, DBS and Emirates NBD among others. This has strengthened access to diverse funding sources and structures.
Adani Portfolio companies have demonstrated successful syndication of the banking transactions, resulting in de-risking of the banks in volatile markets. Case in point being Holcim’s Indian cement business acquisition with international banks, and Navi Mumbai Airport and Kutch Copper refinery with domestic banks Adani Group companies also have a very strong audit process in order to prevent any deviations from the regulatory obligations and highest legal standards.
The Audit Committee of each of the listed verticals is composed of 100 per cent of Independent Directors and chaired by Independent Director.
The Statutory Auditors are appointed only upon recommendation by the Audit Committee to the Board of Directors. Adani Portfolio company’s follow a stated policy of having global big 6 or regional leaders as Statutory Auditors.
Hindenburg has deliberately and repeatedly trivialised the change of CFOs to twist this into a narrative.
The fact is that many of the CFOs are still part of the organisation in other capacities to take on larger responsibilities as part of our growth stories.
Others have left post retirement or to pursue their own entrepreneurial endeavours and continue to work in our association.
None of the resignations have ever been made pursuant to any alleged concerns and Hindenburg’s baseless narrative.
National
IAF to conduct large-scale combat drills near India-Pak border; NOTAM issued

New Delhi, June 7: India has issued a Notice to Airmen (NOTAM) for a major Indian Air Force (IAF) exercise scheduled to take place near the southern sector of the India-Pakistan International Border in Rajasthan from Saturday, June 7, to Sunday, June 8.
The exercise is part of the IAF’s regular operational preparedness and will be conducted in airspace near the border.
According to the NOTAM, the aerial drill will commence at 3:30 p.m. on June 7 and conclude at 9:30 p.m. the following day.
During this period, airspace over the designated region will be restricted to ensure the safe and seamless execution of air operations.
An official from the Indian Air Force confirmed that the combat exercises will feature a range of advanced air assets, including frontline fighter jets such as Rafale, Mirage 2000, and Sukhoi-30, in addition to surveillance platforms and other support systems.
Although the Ministry of Defence has not officially connected the exercise to ongoing geopolitical tensions, the timing and location of the drill carry notable implications.
This sector has become a focal point amid rising tensions following a deadly cross-border terror attack in Pahalgam. That incident triggered reciprocal airspace restrictions by both India and Pakistan, significantly straining bilateral relations.
India recently closed its airspace to all Pakistani-registered and military aircraft from April 30 to May 23.
This action followed Pakistan’s earlier decision to bar Indian flights from its airspace, marking an escalation in diplomatic and military frictions.
The situation remains tense along the Line of Control (LoC) in Jammu and Kashmir, where frequent ceasefire violations by Pakistani troops have prompted firm retaliatory responses from Indian forces.
This comes against the backdrop of India’s ‘Operation Sindoor’, which was launched on May 7, in retaliation to the terror attack in Pahalgam, where terrorists killed 26 innocent people.
International
Trump to sell his Tesla car as feud with Musk carries risks for both: Report

Washington, June 7: US President Donald Trump planned to sell the red Tesla car he said he bought in March, according to local media reports.
Citing the New York Times, the media reported that Trump had bought the car to show his support for Elon Musk amid criticism of his role in the administration.
“Administration officials said Mr Trump showed little interest in engaging with Mr Musk, even after the billionaire signalled he would be open to de-escalating the fight” they currently have, the report added.
Late Thursday, Musk backed off a threat to “immediately” decommission SpaceX’s Dragon spacecraft, which transports NASA astronauts and supplies to and from the International Space Station.
A short time later, when Bill Ackman, the hedge-fund billionaire, posted on social media that the two men “should make peace for the benefit of our great country,” Musk responded, “You’re not wrong.”
“For Musk, a prolonged feud with Trump could be hugely expensive,” noted the report. His companies, including SpaceX, have benefited from billions of dollars in government contracts and were positioned to receive billions more.
On Thursday, Trump threatened to end those contracts.
The feud is risky for Trump as well, it added. Musk, the world’s richest person, who spent about 275 million US dollars to help elect Trump in 2024, had promised to give 100 million dollars to groups controlled by the president’s team before the 2026 midterms.
Those funds have yet to be delivered and are now very much in doubt.
This also comes against the backdrop of Elon Musk’s threat, which he later retracted, to cut off NASA’s use of SpaceX’s Dragon spacecraft would be a huge blow to NASA, depriving the space agency of the only American vehicle capable of transporting astronauts to the International Space Station and dramatically changing how NASA would access the $100 billion orbiting laboratory, The Washington Post has reported.
The threat, posted on X, came during an escalating fight between the wealthiest man in the world and President Donald Trump, after Trump had threatened to cancel all of Musk’s company’s federal contracts.
“Given SpaceX’s importance to multiple federal programs, severing those relationships could leave NASA as well as the Pentagon and intelligence agencies in a lurch,” noted the report.
Several hours after making the threat, Musk relented, saying in response to a post on X that he should cool off and reconsider: “Ok, we won’t decommission Dragon.”
Crime
Man who issued death threat to Delhi CM Gupta, arrested from Ghaziabad

New Delhi, June 7: A man who issued a death threat to Delhi Chief Minister Rekha Gupta has been arrested by a team from the North-West District Special Staff of the Delhi Police.
The accused was apprehended from Ghaziabad following swift investigative efforts after the threatening call was made late on Thursday night.
According to police officials, the threat call was made to the Ghaziabad Police Control Room (PCR) while the accused was allegedly under the influence of alcohol.
Shortly after the threat was received, the Delhi Police Control Room was alerted, and the matter was escalated due to the high-profile nature of the target.
Investigators identified the caller and tracked his location, but by the time authorities reached the source, the suspect had switched off his mobile phone.
After intensive tracing efforts, the Special Staff managed to arrest him from a hideout in Ghaziabad.
Preliminary interrogation has revealed that the accused is a law graduate (LLB), who had been facing personal turmoil due to a troubled marriage. His wife had recently left him, which reportedly pushed him into emotional distress.
Before making the death threat, he had placed another call in which he demanded to speak to his wife, police said.
Interestingly, the accused was found in possession of fake identification cards that appeared to be police credentials, raising suspicions that he may have attempted to impersonate law enforcement personnel.
Officers stated that he repeatedly tried to mislead the police during questioning.
“Assessment of the threat perception of VIPs or VVIPs is conducted by security agencies on the direction of the Ministry of Home Affairs (MHA),” a senior Delhi Police officer said.
Chief Minister Rekha Gupta is entitled to Z-category security under the standard protocol. Security agencies are expected to reassess her security cover following this incident, officials confirmed.
Police are continuing their investigation to determine whether the accused has any prior criminal history or links to other disruptive activities.
Authorities have also launched a separate enquiry into the use of forged police IDs found in his possession.
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