New Delhi: Hindenburg Research, the US-based investment research firm known for its earlier report on the Adani Group, has teased a new, major report about India. They posted a message on X saying, “Something big soon India,” suggesting something significant is coming.
Last year, Hindenburg released a report accusing the Adani Group of stock market misconduct, including insider trading and manipulating stock prices. This report caused a huge drop in Adani’s stock prices, with losses reported to be over USD 100 billion. The Adani Group has denied these accusations.
The timing of the report, just before Adani Enterprises’ USD 2.5 billion public offering, made its impact even more severe. The Adani Group has consistently denied any wrongdoing.
Earlier this year, BJP leader Mahesh Jethmalani claimed that Mark Kingdon of Kingdon Capital Management LLC and his associates were behind the Hindenburg report. Jethmalani alleged that they manipulated the market by short-selling Adani shares, making a profit at the expense of Indian investors.
In January, the Supreme Court of India cleared the Adani Group of the claims made in the Hindenburg report. The court said the report couldn’t be used to start a new investigation and instructed the Securities and Exchange Board of India (SEBI) to continue its own investigation as required by law. The court also dismissed a petition for a special team to investigate the matter.
In March, Adani Group Chairman Gautam Adani said the Hindenburg report was a deliberate attempt to harm his company and the Indian government’s reputation.
