Hindenburg report | Swadeshi Jagran Manch backs Adani, says ‘those who participated in India’s growth story shouldn’t be targeted’

This is not the first time Hindenburg is defaming other companies, claims SJM co-convener

Swadeshi Jagran Manch (SJM), an RSS affiliate that promotes self-reliance, on Monday came forward in support of industrialist Gautam Adani in the wake of allegations by Hindenburg, a US-based investment research firm.

Ashwani Mahajan, co-convener of SJM, took to Twitter to extend the organisation’s support to the Adani Group and maintained that Mr. Adani wa⁩s not burning cash, but building assets. He added that reports like Hindenburg won’t affect broader sentiment towards India.

Also read: Fraud cannot be obfuscated by nationalism, Adani response ignores key questions, says Hindenburg

“The Hindenburg is in the business of defaming other companies in which they have a business interest in short-selling. Also, this is not the first time it is doing it,” he told The Hindu.

He said had this investigation been done by some independent company, it would still have some value. But in this case, this firm is directly gaining from such reports. Hence, it has to be discounted.

“Adani is producing solar panels. Adani is producing semi conductors. Adani has built all these airports. They are all real assets. So Adani’s model of business is not cash burning. Therefore saying that his firm is cash burning is wrong. I question how the assets being built will vanish? It will not,” added Mr. Mahajan.

Also read: Hindenburg Research report driven by an ulterior motive, says Adani Group