"It's About Shattering Mental Barriers": Gautam Adani On Fighting Off Short Seller

Adani Group Chairman Gautam Adani today shared what he called "the most profound lesson" from the attack by the short seller Hindenburg Research.

Referring to the short seller's hit job, the billionaire industrialist in a Teachers' Day address to students of Jai Hind College in Mumbai highlighted the importance of "rising stronger after every fall."

"Over the years, we have assembled a set of leaders who dare to repeatedly venture into the unknown. Even in the face of unprecedented challenges, it is their guts that inspire others to rise. This form of leadership is the very essence of what defines the Adani Group," Mr Adani said.

"And our leadership spirit was never more visible than during the financial market attack in January last year. It was a short-selling attack initiated from abroad. This was not a typical financial strike. It was a dual assault targeting our financial stability and pulling us into a political storm. It was a calculated move, timed just days before the close of our Follow-on Public Offer (FPO) and designed to cause maximum damage - and further amplified by certain media with vested interests," Mr Adani said.

Explaining why the Board of Adani Enterprises Ltd later decided not to go-ahead with the fully subscribed FPO, Mr Adani said, "After successfully raising Rs 20,000 crore through India's largest-ever FPO, we decided to return the proceeds as a sign of commitment to the values we hold."

"Moreover, to prove our resilience, we raised several thousand crores from other sources and proactively reduced our Debt to EBITDA ratio to below 2.5 times - an unmatched number even for the strongest of infrastructure companies across the world," Mr Adani said.

"Moreover, our all-time record financial results delivered in the midst of the attack showcased our commitment to operational excellence and was best validated by the tremendous support from the global rating agencies, the financial community, and investors like GQG Partners, TotalEnergies, IHC, QIA, and the US Development Finance Corporation," the Adani Group Chairman said.

"The Supreme Court of India's affirmation of our actions was the final vindication of our approach. However, the most profound lesson from this trial was that breaking real boundaries is not about overcoming external challenges. It is about shattering the mental barriers. When the world says you cannot rise, that's when the real test of resilience begins.

"Resilience is not about avoiding the falls. It is about rising stronger after every fall. It's about pushing through the impossible and emerging stronger on the other side," Mr Adani said.

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