The Adani Group, founded by Gautam Adani, called the report by a US investment firm "malicious" and "selective misinformation". It is led by Indian billionaire Mr Adani who is the world's fourth richest man, according to Forbes magazine. In its report, Hindenburg accused Mr Adani of "pulling the largest con in corporate history". It also claimed Adani companies had "substantial debt" which put the entire group on a "precarious financial footing". But on Thursday, Adani Group said it was evaluating "remedial and punitive action" against Hindenburg Research in the US and India.

Source: Forbes January 26, 2023 13:43 UTC