NEW DELHI: India's Adani Group issued a detailed response on Sunday (Jan 29) to a Hindenburg Research report that sparked a US$48 billion rout in its stocks, saying it complies with all local law
, saying it complies with all local laws and had made the necessary regulatory disclosures.
. This has been overshadowed by Hindenburg's report, which flagged concerns about debt levels and the use of tax havens. Adani said on Thursday that it is considering taking action against Hindenburg, which responded on the same day by saying it would welcome such a move.Hindenburg's report also said five of seven key listed Adani companies have reported current ratios, a measure of liquid assets minus near-term liabilities, of below 1 which it said suggested"a heightened short-term liquidity risk".
Defending its practice on pledging shares of its promoters - or key shareholders - the Adani Group said that raising financing against shares as collateral was common practice globally and loans are given by large institutions and banks on the back of thorough credit analysis. Hindenburg, Adani said, had sought answers to 88 questions in its report, but 65 of them were related to matters that have been disclosed by Adani portfolio companies in annual reports.
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