Hindenburg Research: The short-selling organization Hindenburg Research hinted that there would be an impending big disclosure about an Indian business. On August 10, the company said in a mysterious statement on X, the website that used to be known as Twitter, “Something big soon India.”
This occurred more than a year after Hindenburg reported accusations of insider trading and stock market infractions against the Adani Group. The article from January 2023 caused the stock prices of Adani Group to plummet significantly, allegedly resulting in losses exceeding $100 billion.
All of the charges contained in the Hindenburg report have been repeatedly refuted by the Adani Group. The group rejected the claims as unfounded at the time of their distribution.
Recent accusations made by BJP leader and seasoned Indian lawyer Mahesh Jethmalani have further muddled the situation. According to Jethmalani’s July claims, the Hindenburg research on Adani was commissioned by an American businessman with connections to China. He particularly mentioned Kingdon Capital Management LLC’s Mark Kingdon as the purported author of the study.
Jethmalani wrote on X, “Spy” Anla Cheng and her husband Mark Kingdon hired Hindenburg Research to prepare a report on Adani group companies.” He further alleged that they used Kotak Mahindra Investments Limited to set up a trading account for short-selling Adani shares.
The attorney has demanded an inquiry into possible connections between China and political voices that were critical of Adani following the Hindenburg report. He speculated that China may have released the paper as payback for missing out on major projects like the Haifa Port.
It is noteworthy that, in response to a report by the Securities and Exchange Board of India (SEBI), the Supreme Court of India has denied a petition for a court-monitored probe into the Adani-Hindenburg dispute.
Group Chairman Gautam Adani addressed the accusations during Adani Enterprises’ June Annual General Meeting, 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.”
(With Inputs from ANI)