<p>Adani Group has said a US short-seller's report on the business house was a "calculated attack" on the country and its institutions while a senior executive has compared a rout of its stocks with a colonial-era massacre.</p>.<p>Adani's seven listed companies have lost about $65 billion in total since Hindenburg Research on Jan 24 raised concerns about the coal-to-ports group's high debt levels and the use of offshore entities in tax havens, charges the group has denied. Founder Gautam Adani has dropped from being the world's third-richest person to the eighth.</p>.<p>"This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," the Adani Group said late on Sunday in a 413-page response to Hindenburg's allegations.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/national/national-politics/cpim-demands-high-level-probe-against-adani-1185940.html" target="_blank">CPI(M) demands high level probe against Adani</a></strong></p>.<p>Adani's finance chief, Jugeshinder Singh, likened the behaviour of Indian investors participating in the sell-off to the colonial-era Jallianwala Bagh massacre in Amritsar city.</p>.<p>On April 13, 1919, a British officer ordered about 50 Indian army soldiers to shoot at unarmed civilians who were taking part in a peaceful protest. At least 379 people were killed, according to the official record, although local residents have said in the past the toll was far higher.</p>.<p>"In Jallianwala Bagh, only one Englishman gave an order, and Indians fired on other Indians," Singh told the <em>Mint business daily </em>in an interview published on Monday, when asked why the market believed the Hindenburg report.</p>.<p>"So am I surprised by the behaviour of some fellow Indians? No."</p>.<p>India's government has not commented on the Hindenburg allegations.</p>.<p>Hindenburg said in a statement on Monday that the Adani Group was trying to "lead the focus away from substantive issues and instead stoked a nationalist narrative".</p>.<p>"In short, the Adani Group has attempted to conflate its meteoric rise and the wealth of its chairman, Gautam Adani, with the success of India itself," it said.</p>.<p>Opposition politicians have said Adani does not represent the whole of India.</p>.<p>Jawhar Sircar, a lawmaker from the opposition Trinamool Congress, posted on Twitter: "Since when is Adani = India?"</p>
<p>Adani Group has said a US short-seller's report on the business house was a "calculated attack" on the country and its institutions while a senior executive has compared a rout of its stocks with a colonial-era massacre.</p>.<p>Adani's seven listed companies have lost about $65 billion in total since Hindenburg Research on Jan 24 raised concerns about the coal-to-ports group's high debt levels and the use of offshore entities in tax havens, charges the group has denied. Founder Gautam Adani has dropped from being the world's third-richest person to the eighth.</p>.<p>"This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," the Adani Group said late on Sunday in a 413-page response to Hindenburg's allegations.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/national/national-politics/cpim-demands-high-level-probe-against-adani-1185940.html" target="_blank">CPI(M) demands high level probe against Adani</a></strong></p>.<p>Adani's finance chief, Jugeshinder Singh, likened the behaviour of Indian investors participating in the sell-off to the colonial-era Jallianwala Bagh massacre in Amritsar city.</p>.<p>On April 13, 1919, a British officer ordered about 50 Indian army soldiers to shoot at unarmed civilians who were taking part in a peaceful protest. At least 379 people were killed, according to the official record, although local residents have said in the past the toll was far higher.</p>.<p>"In Jallianwala Bagh, only one Englishman gave an order, and Indians fired on other Indians," Singh told the <em>Mint business daily </em>in an interview published on Monday, when asked why the market believed the Hindenburg report.</p>.<p>"So am I surprised by the behaviour of some fellow Indians? No."</p>.<p>India's government has not commented on the Hindenburg allegations.</p>.<p>Hindenburg said in a statement on Monday that the Adani Group was trying to "lead the focus away from substantive issues and instead stoked a nationalist narrative".</p>.<p>"In short, the Adani Group has attempted to conflate its meteoric rise and the wealth of its chairman, Gautam Adani, with the success of India itself," it said.</p>.<p>Opposition politicians have said Adani does not represent the whole of India.</p>.<p>Jawhar Sircar, a lawmaker from the opposition Trinamool Congress, posted on Twitter: "Since when is Adani = India?"</p>