U.S.-based firm Hindenburg Research on Saturday (August 10, 2024) posted a cryptic message hinting at a possible new India-centric report, over a year after it published allegations against the Adani group of companies of insider trading and other violations in the stock market.
“Something big soon India,” said the post on X, formerly Twitter. In January 2023, Hindenburg published a report accusing the Adani Group of financial irregularities, leading to a significant drop in the company’s stock price. The group at the time had rubbished these claims.
The Hindenburg report alleged stock manipulation and fraud by the conglomerate. The case is related to the allegations that Adani had inflated its share prices. After these allegations were published, it led to a sharp fall in the shares of various Adani group companies stocks, reportedly to the tune of over $100 billion. The U.S. short seller’s report was published two days before a $2.5 billion follow-up public offering was issued by Adani Enterprises.
The Adani group has repeatedly denied all the accusations in the Hindenburg Research report.