“Hindenburg Research hints at a major upcoming revelation in India, following the ongoing Adani controversy.”
Hindenburg Research, the U.S.-based short-selling firm famous for its major impact on the Adani Group, hinted over the weekend at another substantial disclosure concerning India.
In a cryptic post on X, the firm teased, “Something big soon India,” reigniting speculation about its next move following its explosive January 2023 report.
Hindenburg Research, the prominent US short seller, has stirred up fresh anticipation with its latest cryptic message about India. On Saturday, the firm posted on X, suggesting another major revelation is imminent, stating, “Something big soon India.” This teaser follows the firm’s high-profile report from January 2023, which targeted the Adani Group shortly before a major share sale by Adani Enterprises.
The release of Hindenburg’s earlier report caused a dramatic fallout. Within a month of the report’s publication, Adani Enterprises Ltd (AEL) saw its stock price plummet by 59%. The January 2023 report had a substantial effect, erasing $86 billion from the market value of Adani Group stocks and triggering a significant sell-off of its international bonds. Hindenburg accused the conglomerate of orchestrating “the largest con in corporate history,” which led to a sharp decline in the value of Adani’s publicly traded companies.
In a new development, the Securities and Exchange Board of India (SEBI) has revealed further details in the ongoing Adani-Hindenburg saga. SEBI’s latest disclosure focuses on Hindenburg’s ties with New York hedge fund manager Mark Kingdon. According to SEBI, Hindenburg provided Kingdon with an advance copy of its Adani report nearly two months before its public release, allegedly enabling Kingdon to profit from strategic trading decisions.
SEBI’s detailed 46-page show cause notice uncovers a “Research Agreement” between Hindenburg and Kingdon Capital Management, established in May 2021.This development adds another layer to the complex story of allegations and financial manoeuvres involving the Adani Group and its critics.
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