Hindenburg Research, the controversial short-selling firm, has stirred speculation with a cryptic message posted on X (formerly Twitter), stating, “Something big soon India.” This announcement, made on August 10, has raised eyebrows as it hints at another potential revelation involving an Indian company.
Following the firm’s shocking report in January 2023, which claimed that Adani Group was involved in insider trading and manipulated the stock market, this is the latest development. Due to these allegations, there was a sudden drop in share prices of Adani Group leading to losing more than $100 billion.
The Adani Group has strongly denied every charge made against it in the Hindenburg report saying it was baseless. In addition, Mahesh Jethmalani, a prominent Indian lawyer and a member of BJP recently alleged that the Hindenburg report against Adani was commissioned by an American businessman with close ties to China creating more confusion around this whole thing. Jethmalani specifically named Mark Kingdon of Kingdon Capital Management LLC as the alleged financier behind the report.
In his statements on X, Jethmalani claimed that “spy” Anla Cheng and her husband, Mark Kingdon, hired Hindenburg Research to create a report targeting Adani companies, utilizing Kotak Mahindra Investments Limited to establish a trading account for short-selling Adani shares. He has called for an investigation into possible connections between critics of Adani following the Hindenburg report and Chinese interests, suggesting that the report could be a form of retaliation for lost infrastructure projects, such as the Haifa Port.
A plea for a court-monitored probe into the Adani-Hindenburg dispute was denied by the Supreme Court of India following its examination of a report by the Securities and Exchange Board of India (SEBI).
Gautam Adani, the Group Chairman of Adani Enterprises, responded to the ongoing scrutiny by saying, “In the face of an unprecedented attack on our integrity and reputation, we fought back and proved that no challenge could weaken the foundations on which your Group has been established,” during his June Annual General Meeting address to shareholders.
As speculation grows over Hindenburg’s latest message, the Indian business community and investors are watching closely to see what revelations might follow.
