'Hilarious beyond belief': Adani Group's 'attack on India' claim draws jibe from Opposition

As the market opened on Monday, most of Adani Group's companies extended a $51 billion stock selloff, an indication that the billionaire's rebuttal of fraud allegations from American short seller Hindenburg Research is largely failing to convince investors.

Opposition leaders on Monday (January 30) took potshots at Adani Group's claim that the allegation of fraud against it by US short-seller Hindenburg Research was a "calculated attack on India". Congress MP Manish Tewari said the claim was "hilarious beyond belief" while Uddhav Thackeray-led Shiv Sena leader Priyanka Chaturvedi asked for "help" in listing "all that is India in New India".

In a tweet, Tewari said, "When did Adani become India? This is hilarious beyond belief." Shiv Sena leader Priyanka Chaturvedi also posted a tweet in this regard.

Calling Hindenburg "Madoffs of Manhattan", the conglomerate claimed the short seller's report was a "malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations to drive an ulterior motive."

"This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," it stated.

This prompted a response from Hindenburg which said Adani Group has 'attempted to conflate its meteoric rise and the wealth of its Chairman, Gautam Adani, with the success of India itself."

The investment research firm further said, "We disagree. To be clear, we believe India is a vibrant democracy and an emerging superpower with an exciting future. We also believe India's future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation."

As the market opened on Monday, most of Adani Group's companies extended a $51 billion stock selloff, an indication that the billionaire's rebuttal of fraud allegations from American short seller Hindenburg Research is largely failing to convince investors.