The Hindenburg report, published in January 2023, led to a sharp fall in Adani Group's share prices, although the group denied the allegations.

The Hindenburg Report: US-based short-seller Hindenburg Research, which published a scathing report against the Adani group last year, teased yet another India-centric report in a cryptic social media post on Saturday.

A year after a short-seller report leveled damning allegations of insider trading and other stock market violations against billionaire Gautam Adani-led Adani Group, Hindenburg Research wrote on its official X handle teasing another report on India, “Something big is coming soon. , there was a stir in the country.

The Hindenburg Report

Hindenburg Research, a US-based firm involved in short-selling of shares, published a scathing report against Adani Group in January last year, alleging insider trading, stock market violations and other financial irregularities.

The Hindenburg report led to a sharp fall in Adani Group's share prices, although the group denied the allegations.

In his report, Hindenburg alleged stock manipulation and fraud by the Adani group and alleged that the group had artificially inflated its stock prices.

The damning allegations, published days before Adani Enterprises issued a $2.5 billion follow-up public offering, sent shares of various Adani group companies plummeting.

Political upheaval

The report also created a political uproar in the country as the Congress-led opposition Bharat Bloc targeted Prime Minister Narendra Modi for allegedly having close ties with Gautam Adani and demanded that he “come clean” and talk about the matter.

The ruling BJP has vehemently denied allegations that Modi has links with Adani or any other industrialist.

The opposition demanded a parliamentary inquiry into the allegations against the Adani group, despite repeated denials of all allegations leveled in the Hindenburg report.

SC gave a clean chit

Notably, after the SEBI report on the allegations, the Supreme Court gave a clean chit to the Adani Group in the matter. The Supreme Court recently dismissed a review petition seeking the formation of a court-supervised Special Investigation Team (SIT) to probe the Adani-Hindenburg case.

Jethmalani has claimed that 'Chinese links'

Addressing Adani Enterprises' Annual General Meeting (AGM) in June, Gautam Adani said the group had to face “baseless allegations made by a foreign short seller, which calls into question our decades of hard work”.

“In the face of an unprecedented attack on our integrity and reputation, we fought back and proved that no challenge can undermine the foundation on which your group is founded,” Adani told the gathering.

Last month, senior lawyer and BJP leader Mahesh Jethmalani had alleged that a US businessman with Chinese connections had prepared the Hindenburg Research report.

Jethmalani claimed that American businessman Mark Kingdon of Kingdon Capital Management LLC hired Hindenburg Research to prepare a report on Adani Group.

(with input from agencies)