In a 413-page response to the Hindenburg Research report on the Adani business interests, the Adani Group has attacked Hindenburg as "an unethical short seller".
The Adani report states that by "holding short positions" in Adani stocks, which simply put it is betting on the stock falling.
Hindenburg exposed its hand as it made huge money with the fall of Adani stocks immediately following the publication of the report on January 24.
In the summary of the long response by Adani Group, it said the report was "nothing but a lie".
"The document is a malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations to drive an ulterior motive," the Adani Group's response said.
Adani Group, in its 413-page report, has also responded to all 88 questions raised by Hindenburg.
It went on to say the report by the US-based firm was intended only to create a "false market in securities" to enable Hindenburg, an admitted short seller, to book massive financial gain through "wrongful means at the cost of countless investors".
Earlier on Thursday, Adani Group said it was mulling legal options in the US and India against Hindenburg Research after its report accused firms owned by Gautam Adani of market manipulation and accounting fraud.
Jatin Jalundhwala, Group Head - Legal, Adani Group, in a statement, said, "The maliciously mischievous, unresearched report published by Hindenburg Research on 24 January 2023 has adversely affected the Adani Group, our shareholders and investors."
"We (the Group) are evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg Research," Jalundhwala said.
Reportedly, the research firm, in its report on Tuesday, raised concerns about shares of Adani group companies having a possibility of declining from their current levels, owing to high valuations.
The timing of the report by Hindenburg Research, Adani Group had said, "clearly betrays a brazen, mala fide intention to undermine" the Adani Group's reputation with the "principal objective of damaging" the group's Follow-on Public Offering from Adani Enterprises, the biggest FPO ever in India.
(With inputs from ANI)