Hindenburg Teases Another India Report In Cryptic Tweet, Year After It Almost Tanked Adani Group

The Hindenburg report, which was published in January 2023, had led to a massive drop in the Adani Group’s stock prices, even as the group rubbished the allegations.

Hindenburg Report: US-based short-seller Hindenburg Research, which published a damning report against the Adani Group last year, teased another India-centric report in a cryptic social media post on Saturday.

“Something big soon India,” Hindenburg Research wrote on its official , sparking an upheaval in the country.

Hindenburg report

Hindenburg Research, a US-based firm involved in short-selling of stocks, published an implicatory report against the Adani Group in January last year, accusing the conglomerate of insider trading, stock market violations, and other financial irregularities.

The Hindenburg report had led to a massive drop in the Adani Group’s stock prices, even as the group rubbished the allegations.

In its report, Hindenburg had alleged stock manipulation and fraud by the Adani Group, accusing the conglomerate of artificially inflating its stock prices.

The damning allegations, published days ahead of a $2.5 billion follow-up public offering was issued by Adani Enterprises, resulting in a sharp decline in the shares of various Adani group companies stocks, reportedly to the tune of over $100 billion.

Political upheaval

The report also created a political uproar in the country as the Congress-led opposition INDIA Bloc targeted Prime Minister Narendra Modi for alleged close ties with Gautam Adani, demanding him to “come clean” on the matter and speak on the issue.

The ruling BJP has vehemently refuted allegations linking Modi to Adani or any other business tycoon.

The opposition also demanded a Parliamentary probe into the allegations against the Adani Group, even as the conglomerate repeatedly denied all the accusations leveled in the Hindenburg report.

SC gives clean chit

Notably, the Supreme Court gave a clean chit to the Adani Group in the matter after a SEBI report on the allegations. The apex court recently junked a review petition to constitute a court-monitored Special Investigation Team (SIT) probe into the Adani-Hindenburg issue.

‘Chinese links’, claims Jethmalani

Addressing an Annual General Meeting (AGM) of Adani Enterprises in June, Gautam Adani said the group were “faced with baseless accusations made by a foreign short seller, that questioned our decades of hard work.”

“In the face of an unprecedented attack on our integrity and reputation, we fought back and proved that no challenge could weaken the foundations on which your Group has been established” Adani had told the gathering.

Last month, senior lawyer and BJP leader Mahesh Jethmalani alleged that a US-based businessman with Chinese links had commissioned the report by Hindenburg Research

Jethmalani claimed that Mark Kingdon, the American businessman behind Kingdon Capital Management LLC, had hired Hindenburg Research to prepare a report on the Adani Group.

(With inputs from agencies)