India’s Adani Group claims that ‘misleading’ reports have not affected

1. INDIA’S ADANI GROUP CLAIMS THAT ‘MISLEADING’ REPORTS HAVE NOT AFFECTED ITS FINANCIAL POSITION

2. In its latest reply to a Hindenburg Research study in January 2023, India’s Adani Group argues its financial situation remains unaltered despite “misleading” reports. According to the statement, the Ahmedabad-based company has “rebounded strongly since the release of a short-selling report in January 2023,” which did not include New York-based Hindenburg. The Hindenburg report accused the Adani Group of stock manipulation and inappropriate use of offshore tax havens and expressed worries about the company’s high debt level. • Adani Group has categorically refuted all charges mentioned about the Adani scam. According to the company, Adani Group’s four major firms – Adani Enterprises, Adani Ports, Adani Green, and Adani Power – have all risen more than 100% from their low points in 2023.

3. ADANI GROUP’S RESPONSE TO THE ALLEGATIONS ABOUT THE ADANI SCAM ISSUE • Adani Group’s chief financial officer, Jugeshinder Singh, issued a formal statement in which he described the Adani scam as a “malicious combination of selective misinformation and stale, baseless, and discredited allegations.” In its formal response, Adani Group did not address specific claims but stated that it has always complied with the law. The conglomerate further alleged that the timing of the study suggested a purposeful attempt to harm the Adani Group’s reputation • The primary goal of harming the upcoming follow-on Public Offering from Adani Enterprises refers to the Group’s plans to increase the number of freely traded shares. Adani Group said in a fresh statement on January 26, 2023, that it is exploring legal action against Hindenburg. Jatin Jalundhwala, Adani Group Legal Head, stated they are assessing the appropriate remedies under US and Indian legislation for corrective and punitive action against Hindenburg Research.

4. THE MISLEADING REPORTS HAD NO SIGNIFICANT IMPACT ON THE GROUP’S BUSINESS PERFORMANCE • Adani Ports, the group’s most widely held institutional stock, and Adani Power are trading higher than before the Hindenburg report was issued, “indicating a lack of trust in these misleading reports,” Said Adani Group. Their share prices closed higher at the close of trade in Mumbai on October 20, 2023, up 0.9% and 3.3%, respectively. Adani Green gained 2.1 percent, while Adani Enterprises gained 1.3 percent. • The misleading reports on Adani Group, India’s largest critical infrastructure developer, have had no significant impact on the group’s business performance or ability to create shareholder value.

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