Indian tycoon Gautam Adani has dismissed a share-price rout triggered by a short-seller assault on his conglomerate as “temporary” volatility.
At the quarterly earnings release of his Adani Enterprises on Tuesday, the ports-to-power mogul said his conglomerate’s biggest division “will continue to work with the twin objectives of moderate leverage and looking at strategic opportunities to expand and grow”.
Adani’s comments came hours after home affairs minister Amit Shah said India’s ruling Bharatiya Janata party had “nothing to hide” over US short seller Hindenburg Research’s assault on the billionaire. Adani, widely regarded as a close ally of prime minister Narendra Modi, has painted the threat to his conglomerate as a “calculated attack on India”.