Adani calls fraud claim by Hindenburg Research "calculated attack on India"

Gautam Adani, the Indian businessman who also holds the title of the Richest man in Asia, has accused Hindenburg Research of running a “calculated attack on India.” Hindenburg Research is a New York-based investment research firm that majorly focuses on short-selling. The firm came into the spotlight when it released its report on Gautam Adani where Hindenburg mentioned that from its Questionnaire of 88 questions, he only answered 26 questions satisfactorily. Because of this revelation, Adani suffered a massive loss as the share value of Adani’s businesses fell by almost $50 billion in the share market. Because of such a massive loss, the Adani Group released a 403-page report where it has claimed that the Hindenburg Research report is a way of attacking India’s position in the global market. In this report, Adani Group claimed to be following all the necessary regulations and local laws regarding business practices. In this report, the Adani Group presented evidence of working with the parties while following the Indian laws and regulations set by the Indian government. 
The Adani Group also said that Hindenburg Research is only trying to use the Adani name to boost its sales while providing no evidence regarding the claims that it has made. The Adani Group accused Hindenburg Research of creating a false market in securities to generate profit for its core business of short selling while exploiting the investors. Short selling is a controversial business as many countries are still questioning where the service falls in terms of legal trades. This is because short selling involves betting against the company’s share value with the intention that it will fall. Because of this, many emerging markets including India, have shown lower acceptance for businesses based on short selling. But despite the involvement of Hindenburg Research in the short-selling market, the points that the company put out in its report had a significant ground to be firm. The firm actively targeted the companies owned by Gautam Adani that are located in tax havens such as Mauritius and the Caribbean islands. Tax havens are the regions that people exploit to avoid paying taxes. Hence, Adani owning businesses that are based in tax havens is a shady practice. 
Hindenburg Research has responded to all the accusations by the Adani Group. The company said that it actively believes in the democracy in India and its position as the leading superpower which holds a tremendous future ahead, but this progression of the country is being held by the Adani Group. The firm said that the Adani Group is hiding behind the Indian flag to actively loot the Indian people. This is indeed a serious claim against the largest businessman in the country. Still, Indian nationals have reacted with mixed comments regarding these claims. Many have supported these claims while many have criticized the American firm and have agreed with the counterclaims made by the Adani Group against the Hindenburg Research. The Adani Group has said that it will be holding Hindenburg Research accountable in the US and India.