Hindenburg Warns of Something ‘Big’ Coming Soon In India (image-X/HindenburgRes)
A cryptic tweet by short-seller Hindenburg Research has sent everyone into a frenzy. Promising “something big soon” in India again, Hindenburg dropped a tweet warning of something eventful set to unfold in the country. The tweet comes after over a year since its allegations against the Adani Group.
The mysterious tweet has gone viral, with 2.9 million views, since it was posted around 5:43 am IST.
Something big soon India
— Hindenburg Research (@HindenburgRes) August 10, 2024
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US-based Hindenburg is known to go after top companies after conducting detailed and investigative research, as per its claims.
In January 2023, Hindenburg published a report titled titled “Adani Group: How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History,” accusing the Gautam Adani-led firm of “brazen accounting fraud” and “stock manipulation,” shortly before the planned sale share of Adani Enterprises. Although the conglomerate refuted the allegations as “unresearched” and “maliciously mischievous,” the stocks had another story to tell. Losing over $86 billion in market capitalisation, the Adani stocks faced a major setback. It also triggered a significant sell-off of its overseas-listed bonds.
In June 2024, the Securities and Exchange Board of India (SEBI) revealed that Hindenburg shared a copy of its report in advance on the Adani Group with New York hedge fund manager Mark Kingdon nearly two months before its official publication, enabling profits through strategic trading.
In his address to shareholders during the Adani Group’s Annual General Meeting 2024 held on Monday, Adani said that the Hindenburg report was designed and orchestrated to defame the Adani Group. Calling it a “two-sided attack,” Adani said that his company proved that “no challenge can weaken the foundations of the Adani Group.”
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Responding to SEBI’s allegations, the short seller argued that the notice was an attempt to “silence and intimidate” those exposing corruption. Hindenburg accused SEBI of focusing on its activities while neglecting to investigate the Adani Group’s alleged financial misconduct.
Established in 2017 by Nathan Anderson, Hindenburg Research LLC generates public reports that allege corporate fraud. Nikola, Block Inc., Lordstown Motors, and Clover Health have been previous subjects of the short-seller’s reports. The company has built a reputation as a short-selling ‘David’ going after corporate ‘Goliaths.’
