The chairman of the conglomerate, Gautam Adani, addressed the shareholders in the Adani Group's annual report for the fiscal year 2022–2023 and sharply criticised the study released by US-based short seller Hindenburg Research. According to Adani, the paper was intentionally made up of both outdated, debunked claims and specific, untrue material. He emphasised that its objective was to damage the Adani Group's reputation and make money from a planned decrease in its stock prices. Gautam Adani reaffirmed the conglomerate's commitment to building on its current successes while pursuing new prospects. He also expressed trust in the governance and disclosure standards of the company. He reaffirmed that the Adani Group will continue to build on its accomplishments and uphold its steadfast convictions. The Adani Group was charged with engaging in stock manipulation, fraudulent transactions, and other financial irregularities in a report published by Hindenburg Research earlier in January.
