new india centric report on the way something big soon says us shortb seller hindenburg
Hindenburg Research, a well-known short-selling firm, has hinted at a significant upcoming development involving an Indian company. On August 10, the firm shared a cryptic message on X (formerly Twitter) that read, “Something big soon India.” This comes over a year after Hindenburg released a report accusing the Adani Group of insider trading and stock market violations. That January 2023 report led to a sharp decline in Adani Group’s stock prices, with reported losses surpassing $100 billion. The Adani Group has consistently denied the accusations, labeling the report as baseless at the time of its release.
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The situation has been further complicated by recent allegations from Mahesh Jethmalani, a senior Indian lawyer and BJP leader. In July, Jethmalani claimed that an American businessman with ties to China had commissioned the Hindenburg report on Adani. He specifically named Mark Kingdon of Kingdon Capital Management LLC as being responsible for the report. Jethmalani alleged on X that “spy” Anla Cheng and her husband Mark Kingdon hired Hindenburg Research to produce the report on Adani Group companies. He also claimed that they used Kotak Mahindra Investments Limited to establish a trading account for short-selling Adani shares.
Jethmalani has called for an investigation into potential connections between political figures critical of Adani following the Hindenburg report and China. He suggested that the report might have been a form of Chinese retaliation for losing infrastructure projects like the Haifa Port.
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It’s also important to note that the Supreme Court of India has dismissed a petition requesting a court-monitored investigation into the Adani-Hindenburg issue, following a report from the Securities and Exchange Board of India (SEBI).
At Adani Enterprises‘ Annual General Meeting in June, Group Chairman Gautam Adani addressed the allegations, 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.”
