Mumbai. Short-selling firm Hindenburg Research has hinted that another big disclosure related to an Indian company may be coming. On August 10, the firm posted a message on the X platform, popularly known as Twitter, saying, “Something big is coming soon in India.”
This comes more than a year after Hindenburg published allegations against the Adani Group, accusing them of insider trading and stock market violations. The January 2023 report led to a massive drop in Adani Group stock prices, reportedly leading to losses of over $100 billion.
The Adani Group has consistently denied all the allegations made in the Hindenburg report. At the time of the report’s release, the group called the claims baseless.
something big soon india
— Hindenburg Research (@HindenburgRes) August 10, 2024
The situation has become more complicated with the recent allegations by senior Indian lawyer and BJP leader Mahesh Jethmalani. Jethmalani claimed that an American businessman with Chinese connections had commissioned the Hindenburg report on Adani. He specifically named Mark Kingdon of Kingdon Capital Management LLC as the alleged party behind the report.
Jethmalani wrote on X that “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 Investment Ltd to set up trading accounts for short-selling Adani shares.
The lawyer has called for an investigation into possible links between political voices critical of Adani and China following the Hindenburg report. He suggested the report could be Chinese retaliation for losing infrastructure projects such as the Haifa port.
It is worth noting that the Supreme Court of India has rejected the plea for a court-monitored investigation into the Adani-Hindenburg issue following a report by the Securities and Exchange Board of India (SEBI).
Addressing the allegations at Adani Enterprises’ annual general meeting in June, group chairman Gautam Adani said, “Faced with 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 built.”