Adani group repeatedly denied all the accusations in the Hindenburg Research report.
Hindenburg Research Soon With Something 'Big' India: After a bombshell related to Gautam Adani last year, Hindenburg Research is coming back with another 'big' for India. Hindenburg Research on Saturday, in a post on X (formerly Twitter), said, "Something big soon India."
Last year on January 24, Hindenburg Research published a report criticizing the Adani Group just before the planned share sale of Adani Enterprises. The report led to over $86 billion decline in the market value of Adani Group's stocks and triggered a significant sell-off of its overseas-listed bonds.
The Hindenburg report had raised serious allegations on the Adani gorup related to stock manipulation and fraud by the conglomerate. It also claimed that Adani had inflated its share prices. After these allegations were made public, it led to a sharp decline in the shares of various Adani group companies stocks, reportedly to the tune of over USD 100 billion.
Interestingly, the Hindenburg report was published two days before a USD 2.5 billion follow-up public offering was issued by Adani Group.
On the other hand, the Adani group repeatedly denied all the accusations in the Hindenburg Research report.
In July this year, one of India's senior lawyers 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.
Later Mahesh Jethmalani also called on the government to probe the links of political voices, who sought to target the Adani group after the Hindenburg report, with China.
He flagged the Chinese hand behind the report by the American short seller Hindenburg that targeted the Indian conglomerate. He added that the hit job on the Adani group was Chinese vengeance for losing out on infrastructure projects like the Haifa Port.
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