"We fully stand by our report, any action against us will be meritless," Hindenburg Research said after Adani Group said it was evaluating "remedial and punitive action" against the short seller.

In a statement to Indian exchanges, Adani Group head of legal, Jatin Jalundhwala, called the Hindenburg report "maliciously mischievous, (and) unresearched."

(Reporting by Nallur Sethuraman in Bengaluru)