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The company owned by Asia's richest man Gautam Adani has issued a detailed rebuttal of allegations of wrongdoing by short seller Hindenburg Research.

Adani Group, an Indian conglomerate, had more than $50 billion wiped off its stock market value last week.

In a document, which runs to more than 400 pages, Adani Group says the report is a "calculated attack on India".

It also said that it had complied with all local laws and had made the necessary regulatory disclosures. Hindenburg says its main allegations have still not been addressed.

(Picture: Adani logo displayed on a phone screen and an illustrative stock graph displayed on a screen in the background are seen in this illustration photo taken in Krakow, Poland on January 30, 2023. Picture Credit: Getty Images).