'Something big soon...': Hindenberg research teases new India revelation amid Adani controversy
By Vinaykumar Patil | First Published Aug 10, 2024, 12:01 PM ISTHindenburg Research, known for its January 2023 report on the Adani Group, has hinted at a new major revelation about India, fueling speculation. Meanwhile, SEBI revealed that Hindenburg shared an advance copy of its Adani report with New York hedge fund manager Mark Kingdon.
Hindenburg Research, the US-based short-selling firm known for its seismic impact on the Adani Group, hinted at another significant disclosure related to India over the weekend. In a cryptic post on X, the firm teased, "Something big soon India," reigniting speculation about its next move following its explosive January 2023 report.
Something big soon India
— Hindenburg Research (@HindenburgRes)Hindenburg Research, the prominent US short seller, has stirred up fresh anticipation with its latest cryptic message about India. On Saturday, the firm posted on X, suggesting another major revelation is imminent, stating, "Something big soon India." This teaser follows the firm's high-profile report from January 2023, which targeted the Adani Group shortly before a major share sale by Adani Enterprises.
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The release of Hindenburg’s earlier report caused a dramatic fallout. Within a month of the report's publication, Adani Enterprises Ltd (AEL) saw its stock price plummet by 59%. The January 2023 report had a substantial effect, erasing $86 billion from the market value of Adani Group stocks and triggering a significant sell-off of its international bonds. Hindenburg accused the conglomerate of orchestrating "the largest con in corporate history," which led to a sharp decline in the value of Adani’s publicly traded companies.
Adani-Hindenberg Report: SC gives SEBI 2 months to probe charges, sets up panel that includes Nandan Nilekani
In a new twist, the Securities and Exchange Board of India (SEBI) has provided additional details in the ongoing Adani-Hindenburg saga. SEBI's recent disclosure centres on Hindenburg’s connections with New York hedge fund manager Mark Kingdon. According to SEBI, Hindenburg shared an advance copy of its Adani report with Kingdon nearly two months before its public release. This early access reportedly allowed Kingdon to benefit from strategic trading decisions.
SEBI's comprehensive 46-page show cause notice reveals a "Research Agreement" between Hindenburg and Kingdon Capital Management, dating back to May 2021. This development adds another layer to the complex story of allegations and financial manoeuvres involving the Adani Group and its critics.
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