Adani Group's fraud cannot be clouded by nationalism: Hindenburg Research

As the Indian stock market was to open Monday, all eyes were set on stocks of Adani Group companies, a day after it released a 413-page response to allegations of wrong doing by US short seller Hindenburg Research.

Commenting on the response Adani Group released on Sunday in response to its report, Hindenburg said it believed India was a vibrant democracy and an emerging superpower with an exciting future and it was Adani Group which was holding it back through "systematic loot".

Hindenburg has rejected Adani Group's charge that its report was an attack on India, saying a "fraud" cannot be obfuscated by nationalism or a bloated response that ignored response to key allegations.