(NTI): Hindenburg Research, a US-based firm, on Saturday posted a message hinting at a significant upcoming revelation in India. This announcement comes more than a year after it published allegations of insider trading and other irregularities in the share market against Adani Group companies. A post on Hindenburg Research’s X (formerly Twitter) account stated, “Something big is coming to India soon.”
In January 2023, Hindenburg released a report accusing the Adani Group of financial irregularities, leading to a sharp decline in the company’s share price. The group had refuted these claims at that time. The Hindenburg report alleged stock manipulation and fraud by the group.
This matter is linked to the allegations (part of the short-seller Hindenburg Research report) that Adani had inflated its share prices. Following the publication of these allegations, the shares of various Adani Group companies witnessed a significant decline, reportedly worth more than $100 billion.
The US short-seller report was published two days before Adani Enterprises launched a follow-on public offering of $2.5 billion. The Adani Group has repeatedly denied all allegations made in the Hindenburg Research report.
In July this year, Mahesh Jethmalani, one of India’s most senior lawyers and a BJP leader, alleged that a US businessman with Chinese connections had commissioned Hindenburg Research to produce the report that led to a massive crash in the shares of Adani Group companies in January-February 2023.
Jethmalani claimed that Mark Kingdon, a US businessman behind Kingdon Capital Management LLC, had hired Hindenburg Research to prepare a report on the Adani Group. In a social media post on X in July this year, Jethmalani alleged that ‘spy’ Anla Cheng and her husband Mark Kingdon had hired Hindenburg Research to prepare a report on Adani Group companies.
The senior lawyer further alleged that they used Kotak Mahindra Investment Ltd (KMIL) to set up a trading account for short-selling Adani’s shares and made millions at the cost of Indian retail investors. Later, Mahesh Jethmalani also urged the government to investigate the China links of those political voices who had tried to target the Adani Group after the Hindenburg report.
He hinted at Chinese hands behind the US short-seller Hindenburg’s report targeting the Indian group. He said the attack on the Adani Group was Chinese retaliation for losing infrastructure projects like the Haifa Port. Earlier, the Supreme Court of India had also given a clean chit to the Adani Group on the Hindenburg allegations after a SEBI report.
Recently, the Supreme Court dismissed a review petition seeking a court-monitored Special Investigation Team (SIT) probe into the Adani-Hindenburg case. Addressing the Annual General Meeting (AGM) of Adani Enterprises in June this year, group chairman Gautam Adani said he faced baseless allegations from a foreign short-seller who questioned our decades of hard work.
Addressing the gathering, he said, “Despite unprecedented attacks on our integrity and reputation, we have stood strong and proved that no challenge can weaken the foundation on which your group is built.”
