In a strong response to recent allegations made by Hindenburg Research, the Adani Group has labeled them as malicious and manipulative. The group has accused Hindenburg of selectively using publicly available information to arrive at predetermined conclusions for personal gain, with no regard for the facts or the law. The Adani Group further stated that these allegations are recycled claims that have already been proven baseless and dismissed by the Supreme Court in January 2024.

Additionally, the Chairperson of the Securities and Exchange Board of India (SEBI), Madhabi Puri Buch, and her husband Dhaval Buch have vehemently denied the allegations leveled against them by Hindenburg. They described it as a character assassination attempt since enforcement action and a show-cause notice were issued to Hindenburg last month. The couple issued a joint statement stating that Hindenburg's attempt to undermine Madhabi Buch's contribution to the Indian capital market and the country's economic progress is unfortunate.

The Association of Mutual Funds in India (AMFI) has also voiced its concern over Hindenburg's allegations. AMFI highlighted that these claims lack context and understanding of the Indian regulatory environment. The industry body warned that if left unchecked, the allegations could create unnecessary hurdles in the path of India's growing economy.

Furthermore, it has been clarified that the investment referred to in the Hindenburg report was made in 2015, before Madhabi Buch joined SEBI. The decision to invest was based on personal relationships and the credentials of the Chief Investment Officer, Anil Ahuja. They stated that the fund in question did not invest in any Adani group company.

Prominent figures from various sectors have criticized Hindenburg's report. Senior lawyer Mahesh Jethmalani called the claims "pathetic" and accused Hindenburg of attempting to destabilize India's stock markets. Former Union Minister Rajeev Chandrasekhar alleged a global conspiracy to destabilize the Indian economy and accused Hindenburg of being in partnership with the Congress party. Former Infosys CEO Mohandas Pai dismissed the allegations as rubbish and a "character assassination."

However, not everyone agrees with the criticisms of Hindenburg. Deepak Shenoy, founder-CEO of Capitalmind, mentioned that the report lacks substance and relies on sensationalism. On the other hand, KV Subramanian, former Chief Economic Adviser and current Executive Director with the International Monetary Fund, vouched for Madhabi Buch's integrity and intellectual capacity.

With both the Adani Group and regulatory authorities discrediting Hindenburg's allegations, it remains to be seen how this controversy will unfold. As the Securities and Exchange Commission in the US is also tightening its grip on short-sellers, the actions taken against Hindenburg could carry significant consequences.