In a statement posted on its Twitter account, Hindenburg said “regarding the company’s threats of legal action, to be clear, we would welcome it”.
“We fully stand by our report and believe any legal action taken against us would be meritless,” it added.
Founded by Nathan Anderson in 2017, Hindenburg says that it looks for “man-made disasters” in companies, such as accounting irregularities and mismanagement.
The Jan 24 report questioned how the Adani Group, which is led by Gautam Adani, the world’s fourth-richest person according to Forbes, has used offshore entities in offshore tax havens such as Mauritius and the Caribbean islands.
It also said that key listed Adani companies had “substantial debt” which has put the entire group on a “precarious financial footing”.
Adani on Wednesday called the report baseless.
The report coincided with Adani’s upcoming US$2.5 billion secondary share sale on Friday. The anchor portion of the issue saw participation from Maybank Securities and the Abu Dhabi Investment Authority among others on Wednesday.