Hindenburg Research, known for its impactful and controversial reports, is teasing a new revelation related to India. The US-based short seller recently posted on X (formerly Twitter), stating, “Something big soon India.”
This follows last year’s explosive Hindenburg report on the Adani Group, which was released just before Adani Enterprises’ planned share sale. The report alleged stock manipulation and fraud, leading to an $86 billion market value drop in Adani stocks and a significant sell-off of its overseas bonds.
Despite the severe accusations, the Adani Group has strongly denied all allegations. However, the impact on the market was profound, with the conglomerate’s stock values reportedly falling by over $100 billion.
In July, BJP leader and senior lawyer Mahesh Jethmalani claimed that the Hindenburg report was commissioned by a US businessman with connections to China. Jethmalani alleged that Mark Kingdon, from Kingdon Capital Management LLC, was behind the report, and that Kingdon, along with “spy” Anla Cheng and her husband, used Kotak Mahindra Investments Limited (KMIL) to short-sell Adani shares, reaping millions in profits at the cost of Indian investors.
Jethmalani further urged the government to investigate potential links between political figures criticizing Adani and Chinese interests. He suggested that the Hindenburg report was part of a larger Chinese retaliation strategy after losing major infrastructure projects like Haifa Port.
Despite these serious claims, the Supreme Court of India recently upheld a clean chit given to the Adani Group by SEBI following their investigation, dismissing calls for a Special Investigation Team (SIT) probe into the matter.
Addressing shareholders at Adani Enterprises’ Annual General Meeting in June, Gautam Adani dismissed the accusations as unfounded, describing them as part of an unprecedented attack on the group’s integrity. He assured stakeholders that the Adani Group had proven its resilience and strong foundation.
With Hindenburg now hinting at another major revelation, India’s financial and political landscape is bracing for potential impacts. What could this new expose reveal, and how might it affect India’s markets? Stay tuned as the situation unfolds.
