On Saturday, US-based investment research firm Hindenburg Research hinted at another significant India-focused report with a cryptic message, sparking speculation more than a year after their explosive report on the Adani Group. That previous report accused the conglomerate of “insider trading” and other stock market violations, leading to a massive drop in Adani’s stock prices.
In a recent post on X, the firm wrote, “Something big soon India,” suggesting that another major investigation could be on the horizon.
The 2023 Hindenburg report had severe consequences for the Adani Group, with shares of various companies in the conglomerate plummeting and losses reportedly exceeding USD 100 billion. The report alleged financial misconduct, including stock manipulation and fraud, which the Adani Group has consistently denied.
Hindenburg’s allegations against the Adani Group were made just days before Adani Enterprises was set to issue a USD 2.5 billion follow-up public offering. The accusations of artificially inflating share prices led to a significant market reaction, but the Adani Group firmly rejected the claims.
In July, BJP leader and senior lawyer Mahesh Jethmalani made headlines by alleging that the Hindenburg report was commissioned by a US-based businessman with ties to China. Jethmalani claimed that Mark Kingdon, of Kingdon Capital Management LLC, was behind the report targeting the Adani Group, in collaboration with “spy” Anla Cheng and her husband.
Despite the turmoil caused by the report, the Supreme Court of India cleared the Adani Group of the allegations in January. The court ruled that the Hindenburg report could not serve as a basis for a separate investigation and directed the Securities and Exchange Board of India (SEBI) to continue its investigation according to the law.
Gautam Adani, chairman of the Adani Group, has remained defiant, stating in March that the Hindenburg report was a deliberate attempt to destabilize his company and tarnish the reputation of India’s government. During the June Annual General Meeting of Adani Enterprises, Adani reassured stakeholders that the Group had withstood the “unprecedented attack” on its integrity and would continue to thrive despite the challenges.
Now, with Hindenburg Research’s latest cryptic post, all eyes are on what could be their next big reveal concerning India.
