Hindenburg said it would request company documents if Adani Group files a lawsuit

“We fully stand by our research, and any action against us will be without merit,” Hindenburg Research stated after Adani Group announced it was considering “remedial and punitive measures” against the short seller.

Hindenburg Research said on Thursday that if Adani Group launches a lawsuit in the United States against the short seller over its research on the Indian conglomerate, it will demand papers as part of the legal discovery process.

“We fully stand by our research, and any action against us will be meritless,” Hindenburg Research stated after Adani Group announced it was considering “remedial and punitive measures” against the short seller.

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Jatin Jalundhwala, Adani Group’s head of law, branded the Hindenburg report “maliciously mischievous (and) unresearched” in a statement to Indian exchanges.