Hindenburg Research, the U.S.-based short-selling firm known for its high-profile exposé on the Adani Group, has hinted at another significant disclosure related to India. In a recent post on social media platform X, Hindenburg teased, “Something big soon India,” leading to widespread speculation about its next target.
The firm, founded in 2017 by Nathan Anderson, gained global attention last year after it released a damning report accusing the Adani Group of orchestrating “the largest con in corporate history.” The timing of this report, just before Adani Enterprises’ planned share sale, caused a massive decline in the group’s stocks, wiping out approximately $86 billion in market capitalization and triggering a significant sell-off of its overseas-listed bonds.
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In June, the Securities and Exchange Board of India (SEBI) revealed new developments in the ongoing Adani-Hindenburg saga, linking Hindenburg Research to New York hedge fund manager Mark Kingdon. SEBI alleged that Hindenburg shared an advance copy of its Adani report with Kingdon two months before its public release, allowing for substantial profits through strategic trading.
Hindenburg has dismissed SEBI’s claims as “nonsense,” accusing the regulatory body of fabricating charges to silence those who expose corruption and fraud by powerful individuals in India. The firm explicitly mentioned Kotak Bank in its report for the first time, further intensifying the controversy.
With this new teaser, many are speculating about which corporation might be Hindenburg’s next target in India. Known for its detailed investigations and track record of targeting major corporations, Hindenburg’s upcoming disclosure is expected to have significant repercussions.
