After publishing a damning report against the Adani Group last year, US-based short-seller Hindenburg Research has hinted at another 'big' India reveal. “Something big soon India,” Hindenburg Research wrote on its official X handle, teasing another report concerning India, over a year after the short-seller’s report levelled damning allegations of insider trading and other stock market violations against billionaire Gautam Adani-led Adani Group, sparking an upheaval in the country.
More than a year after the short-sellers report leveled damning allegations of insider trading and other stock market violations against billionaire Gautam Adani-led Adani Group, causing a stir in the nation, Hindenburg Research teased another report regarding India with the tweet, "Something big soon India."
An implication report on the Adani Group was released in January of last year by Hindenburg Research, a US-based company that engages in stock short sales. The research accused the conglomerate of insider trading, stock market violations, and other financial irregularities.
The Adani Group's stock price dropped following the release of the Hindenburg report, despite the company refuting the accusations.
The new developments in the ongoing Adani-Hindenburg saga were updated in June of this year by the Securities and Exchange Board of India (SEBI), which revealed connections between Hindenburg Research and New York hedge fund manager Mark Kingdon.
According to SEBI, Hindenburg provided Kingdon with an advance copy of its Adani report around two months before its public release, enabling Kingdon to make significant profits through calculated trading.
In response, Hindenburg said that SEBI had sent a notice alleging that they had broken Indian legislation, a claim that the company deemed to be "nonsense."
They contended that the notification was faked to accomplish a "pre-ordained purpose" of scaring and silencing people who reveal fraud and corruption by influential people in India. For the first time, Hindenburg specifically mentioned Kotak Bank in its report, which intensified the dispute.
Nathan Anderson founded Hindenburg Research in 2017, and since then, the company has a history of focusing on large firms following thorough investigations. The company, which employs about ten people, is known for being a short-selling "David" going up against corporate "Goliaths."
