Leaders of Opposition parties took potshots at Adani Group's claim that the allegation of fraud against it by US short-seller Hindenburg Research was a “calculated attack on India.” Congress MP Manish Tewari said the claim was “hilarious beyond belief” while Shiv Sena (UBT) leader Priyanka Chaturvedi asked for “help” in listing “all that is India in New India”.

“When did Adani become India? This is hilarious beyond belief,” Tewari said in a tweet while posting a news report on Adani's response. “Cheers to the joke of the day.”

Shiv Sena leader Priyanka Chaturvedi tweeted:

Days after allegations of fraud by Hindenburg Research erased $51 billion of Adani's flagship firm’s market value, the group published a 413-page rebuttal, a large part of which was annexures. Calling Hindeburg “Madoffs of Manhattan”, the conglomerate claimed the short seller's report was a "malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations to drive an ulterior motive."

“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,” it stated.

The rebuttal prompted a response from Hindenburg which said Adani Group has “attempted to conflate its meteoric rise and the wealth of its Chairman, Gautam Adani, with the success of India itself.”

“We disagree. To be clear, we believe India is a vibrant democracy and an emerging superpower with an exciting future. We also believe India’s future is being held back by the Adani Group, which has draped itself in the Indian flag while systematically looting the nation,” the investment research firm said.

“We also believe that fraud is a fraud, even when it’s perpetrated by one of the wealthiest individuals in the world," it further stated.

As the market opened on Monday, most of Adani Group’s companies extended a $51 billion stock selloff, an indication that the billionaire’s rebuttal of fraud allegations from American short-seller Hindenburg Research is largely failing to convince investors, according to Bloomberg.

Adani Green Energy Ltd., Adani Total Gas Ltd., and Adani Transmission Ltd. each fell by more than 10% as trading started in Mumbai, while Gautam Adani’s flagship firm Adani Enterprises Ltd. defied the trend by rising 6.3%.