I talked with the Indian publication about my profile of Nate Anderson, whose firm released a blockbuster investigation into the holdings of Gautam Adani, richest man in India (and the third-richest in the world)
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At the time I was reporting the story, Anderson told me about his Adani investigation, which was then in its early stages. "There’s a part of any research process where the first part of it feels like chaos, where there an overwhelming amount of information," he told me.
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I agreed not to identify the company he was investigating by name, referring only to a "conglomerate" in my piece. But at the time, off-the-record, he told me it was Adani. Last week, Hindenburg finally published, alleging Adani was pulling "the Largest Con In Corporate History"
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The Adani Group's publicly traded components have lost $68 billion in market value since the report came out.
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The Adani Group has issued a 413-page rebuttal, denying wrongdoing, calling the report "rhetorical innuendos coloring rumors as fact,” and claiming it is part of a “calculated attack on India.” A company executive compared the report to a colonial-era massacre
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In response, accuses Adani of draping "itself in the Indian flag while systematically looting the nation." Here's the original report, which you can read and judge for yourself.
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