US-based short shell firm Hindenburg Research may soon release its next report on India | Image credit: Special Arrangements
US-based Hindenburg Research released a cryptic message on Saturday (August 10, 2024) hinting at a possible new India-centric report, over a year after it published allegations of insider trading and other stock market violations against the Adani group of companies.
“Something big coming soon, India,” said the post on X, formerly Twitter. In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, which led to a significant decline in the company’s share price. The group had denied these allegations at the time.
The Hindenburg report accused the conglomerate of stock manipulation and fraud. The case is linked to allegations that Adani inflated its share prices. Following the publication of these allegations, shares of various companies in the Adani group fell sharply, reportedly by over $100 billion. The US short-seller’s report was published two days before another $2.5 billion IPO by Adani Enterprises.
The Adani Group has repeatedly denied all allegations in the Hindenburg Research report.
