New Delhi: After the Adani group's 413-page response to Hindenburg Research on Sunday, claiming that the company had complied with all local laws and made the necessary regulatory disclosures, the short-seller replied by standing by all its original allegations. "...fraud is fraud, even when it’s perpetrated by one of the wealthiest individuals in the world," Hindenburg has said.

The short-seller highlighted that by stoking nationalist sentiments, the Adani group was in fact saying that billionaire Gautam Adani represented India as a whole – a claim the company should have no right to make:

"[Adani]...predictably tried to lead the focus away from substantive issues and instead stoked a nationalist narrative, claiming our report amounted to a “calculated attack on India.” In short, the Adani Group has attempted to conflate its meteoric rise and the wealth of its Chairman, Gautam Adani, with the success of India itself.

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."

"All transactions entered into by us with entities who qualify as 'related parties' under Indian laws and accounting standards have been duly disclosed by us," Adani said in the 413-page response issued late on Sunday.

"This is rife with conflict of interest and intended only to create a false market in securities to enable Hindenburg, an admitted short seller, to book massive financial gain through wrongful means at the cost of countless investors," it added.

Adani's response, Hindenburg has said, "largely confirmed our findings and ignored our key questions".

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