According to Financial Times, Adani Group has hired a world-renowned US-based law firm to tackle Hindenburg Research on Adani firm. Wachtell, a US-based lawsuit firm has earned its reputation by being reached out by some of the biggest companies in the world in which Twitter is also enlisted. It is the most expensive firm which shows the Adani Groups’ eagerness to attain the belief of investors that it earlier had.
Adani Group tried to win the confidence of investors after the Hindenburg report by responding with a 413-page rebuttal but it had no impact on investors and financial institutions.
The Adani Group, which has seven listed companies and three other publicly listed entities saw a massive slide in their stock prices after the Hindenburg report. The condition got so bad that Adani Group had to call off the FPO of its companies. According to an FT report, the senior lawyers at New York Wachtell, Lipton, Rosen & Katz have been approached by Cyril Amarchand Mangaldas who is leading the defense of Adani Group.
The US firm is supposed to improve the legal and public relations of Adani Group and will help it to gain the same confidence as it had.
