Hindenburg Research Hints At New Indian Target Taking to X (formerly Twitter), Hindenburg Research wrote, "Something big soon, India."
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Short-selling firm Hindenburg Research has suggested that something big is soon coming up in India. Taking to X (formerly Twitter), the firm wrote, "Something big soon, India." This comes over a year after Hindenburg published allegations against the Adani Group, accusing them of insider trading and stock market violations. The Adani-Hindenburg saga started on January 24, 2023. The report led to a significant drop in Adani Group stock prices, reportedly causing losses of over $100 billion. The firm released a report titled 'Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History'.
Following the report, Jugeshinder Singh, Group CFO, Adani, gave a statement saying that the report is a harmful mix of selective misinformation and baseless allegations. In February 2023, the Supreme Court agreed to hear a request from a Congress leader asking for an investigation into the Adani Group after the Hindenburg issue.
In 2024, the Supreme Court dismissed a petition for a court-monitored investigation into the Adani-Hindenburg issue, following a report by the Securities and Exchange Board of India (SEBI). Following this verdict, Gautam Adani, Adani Group Chairman, posted on X, "The Supreme Court's judgment shows that truth has prevailed. I am grateful to those who stood by us. Our humble contribution to India's growth story will continue."
Addressing the allegations at Adani Enterprises' Annual General Meeting in June, Group Chairman Gautam Adani stated: "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."
In several other cases, Hindenburg reports have caused target companies many a difficulty: falling share prices (Bloom Energy, J2 Global, Loop Industries are just a few instances), regulatory investigations (for e.g., Chamath Palihapitiya-backed Clover Health Investments is under an SEC investigation), failed deals and acquisitions (nearly five years after the announcement, insurance giant Genworth Financial's planned merger with China Oceanwide was canceled, much as Hindenburg had predicted).
