Gautam Adani, speaking at Adani Enterprises' 32nd AGM on Monday, strongly denounced the Hindenburg incident as a deliberate attempt to tarnish the conglomerate's reputation.

Addressing shareholders, Adani described the Hindenburg report, issued by a US short seller last year, as a targeted effort to smear Adani Enterprises' financial credibility. He emphasized that despite the controversy, the Adani Group emerged resilient, showcasing its unwavering strength in overcoming challenges.

"We faced baseless attacks on our integrity and reputation from foreign short sellers. These attempts did not weaken our resolve; instead, they strengthened our commitment to our investors and stakeholders," Adani asserted.

The Hindenburg report had accused the Adani group of market manipulation and misuse of tax havens, triggering a significant sell-off in the conglomerate's shares. Adani acknowledged the tough year marked by misinformation campaigns and political allegations, strategically timed to coincide with critical financial activities.

He highlighted the Adani Group's proactive steps to address investor concerns, including a Rs 20,000 crore refund following a follow-on public offer (FPO) and a subsequent clean chit from the Supreme Court earlier this year.

"Investors' trust remains our top priority. The Supreme Court's decision to dismiss all allegations and uphold SEBI's jurisdiction has vindicated our stance," Adani affirmed.

The Supreme Court, in its ruling, found insufficient grounds to transfer the Adani-Hindenburg probe to a special investigation team, thereby concluding the legal challenges against the conglomerate.

Adani concluded his address by reaffirming the group's commitment to transparency and ethical practices, ensuring continued growth and resilience in the face of adversities.