Adani Enterprises (XBOM: 512599) will be removed from the Dow Jones Sustainability Indices effective prior to the opening on Tuesday, February 7, 2023, according to a statement from S&P Dow Jones Indices.
S&P Dow Jones Indices said that Adani Enterprises will be removed from the Dow Jones Sustainability Indices following a Media & Stakeholder Analysis triggered by allegations of stock manipulation and accounting fraud.
American short-selling firm Hindenburg Research accused the Adani group of engaging in “decades of stock manipulation and accounting fraud, ” according to a report released last week
Also, Read: India’s Adani Group loses $65 billion in three days
The Adani Group on Sunday said the company had published a 413-page statement saying it was a “malicious” attack and denied Hindenburg’s claims. The group said the allegations made by Hindenburg were “nothing but lies”.
“This is not just an unwarranted attack on the company, but an attack on India as a whole, on the independence, integrity and quality of Indian institutions, and on India’s development and ambitions,” the group said in a statement.
New York-based short seller Hindenburg Research has responded to Adani Group’s 413-page riposte, saying “fraud cannot be obfuscated by nationalism or a bloated response that ignores every key allegation it originally raised”. The firm said that it believed India was a vibrant democracy and an emerging superpower with an exciting future and it was Adani Group which was holding it back through “systematic loot”.
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