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Hindenburg Research, the firm that sent shockwaves through India’s corporate landscape with its scathing report on the Adani Group, has hinted at another explosive revelation. In a cryptic tweet on Saturday, the short-seller declared, “Something big soon India.” The announcement comes less than a year after its damning report on the Adani Group triggered a massive sell-off, wiping out billions of dollars in market value.
Hindenburg Research Drops Another India Teaser :
US short seller hints at ‘big’ reveal after Adani report
Hindenburg Research has ignited speculation once again about its next target in India. The firm, infamous for its explosive report on the Adani Group last year, took to X on Saturday to tease, “Something big soon India.” The cryptic message has sent ripples through the financial world, with investors and analysts on high alert.
Last January, just as Adani Enterprises was poised for a major share sale, Hindenburg Research dropped a bombshell. The report, a scathing indictment of the Adani Group, triggered a market meltdown, erasing a staggering $86 billion from the conglomerate’s valuation. The ensuing panic also led to a massive sell-off of its overseas bonds.
Hindenburg Research’s Bombshell: Adani Group Accused of Fraud and Market Manipulation :
The short-seller Hindenburg Research ignited a firestorm when it alleged that the Adani Group had engaged in stock manipulation and fraud. The explosive report claimed the conglomerate artificially inflated its share prices, leading to a colossal market value loss of over $100 billion for the Adani Group companies. This dramatic event sent shockwaves through the financial world and triggered intense scrutiny of the conglomerate’s business practices.
Our response to Adani: pic.twitter.com/6NcFKR8gEL
— Hindenburg Research (@HindenburgRes) January 26, 2023
Hindenburg Report Shadow Looms Large Over Adani’s $2.5 Billion FPO :
Just two days before Adani Enterprises sought to raise a staggering USD 2.5 billion through a follow-on public offering, US-based short seller Hindenburg Research released a damning report alleging financial misconduct by the Adani Group. The conglomerate has vehemently refuted all accusations leveled by Hindenburg.
Adding to the intrigue, prominent Indian lawyer and BJP leader Mahesh Jethmalani claimed in July that a US businessman with Chinese connections orchestrated the Hindenburg report to inflict significant losses on Adani Group stocks in early 2023.
Jethmalani alleged that Mark Kingdon, the head of Kingdon Capital Management LLC, had hired Hindenburg Research to create a report targeting the Adani Group.
Jethmalani Accuses Chinese Spy of Orchestrating Adani Attack :
In a sensational claim on X this July, senior lawyer Mahesh Jethmalani alleged a Chinese conspiracy against the Adani Group. He pointed fingers at “spy” Anla Cheng and her husband Mark Kingdon, accusing them of hiring Hindenburg Research to fabricate a damaging report on the Indian conglomerate. The lawyer further asserted that the couple used Kotak Mahindra Investments Limited to short-sell Adani shares, reaping millions at the expense of Indian retail investors.
Jethmalani urged a government probe into the matter, linking the attack to China’s alleged retaliation for losing infrastructure projects like the Haifa Port. He also called for an investigation into the political figures who amplified the Hindenburg allegations.
Despite the serious accusations, the Supreme Court, after examining SEBI’s findings, cleared Adani Group of the Hindenburg charges. The apex court recently dismissed a plea for a court-monitored SIT probe into the matter.
Addressing shareholders in June, Gautam Adani, Chairman of the Adani Group, defended the company against unsubstantiated claims made by an overseas short seller, asserting that these attacks undermined the group’s long-standing achievements.
Under siege by an unprecedented attack on our integrity and reputation, we mounted a resolute defense and proved that the bedrock of this Group is impregnable,” he affirmed.
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