Hindenburg Research stated on monday that "fraud cannot be camouflaged by nationalism," refuting adani Group's 413-page response to a report highlighting various aspects of potential fraud. After gautam Adani's organisation compared the negative claims made by the US short seller to a "attack plotted against india," Hindenburg responded to query.

The US-based company responded by claiming that adani ignored every significant charge they made in their lengthy response and that "The adani Group inevitably tried to lead the focus away from fundamental issues and instead fostered a nationalist narrative." The adani Group "attempted to connect [its] rapid rise and the fortune of its Chairman, gautam adani, with the prosperity of india itself," according to Hindenburg Research.

"We are at odds. To be clear, we think india is a thriving democracy and a superpower on the rise with a promising future. We also think that the adani Group, which has covered itself in the indian flag while methodically robbing the country, is holding back India's potential," the US company said. "We also believe that fraud is fraud, even when it's committed by one of the wealthiest people in the world," it continued.

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