According to the company’s website. The report is ‘another big one,’ according to the short seller based in the United States.
Hindenburg Research, the US-based short-seller that released the damning report on the Adani Group, which resulted in the loss of billions of dollars in investor money, is releasing a new report. The short seller stated that the new report is “another big one” without providing any further details.
“New report soon — another big one,” claimed Hindenburg in a tweet.
The most recent Hindenburg report, on the Adani Group, sent the Indian markets into disarray. The short seller accused the conglomerate of stock manipulation, accounting fraud, and other financial wrongdoing.
Gautam Adani’s brother, Gautam Adani, was also accused by Hindenburg of orchestrating a network of sham firms. It also called Vinod Adani’s position in the firm, its transactions, and its companies into doubt.
Gautam Adani and the group’s CFO, Jugeshinder Singh, rushed in to contain the situation. They responded to the claims with a 413-page statement, but it did little to help the situation. After the release of the report days before the issue, the conglomerate was forced to withdraw its fully subscribed follow-on public offering (FPO).
In late February and early March, the Adani Group hosted roadshows in Singapore, Hong Kong, Dubai, London, and many US cities. The roadshows, which Jugeshinder Singh attended, were attempts by the organization to shore up investor trust.
Nevertheless, following Hindenburg’s report, American boutique investment company GQG Partners purchased shares for Rs 15,446 crore in four Adani Group entities, including Adani Ports and Special Economic Zone, Adani Green Energy, Adani Enterprises, and Adani Transmission.
Adani’s fortunes have plunged from $150 billion in September 2022 to roughly $53 billion. He had risen through the ranks of the world’s wealthiest people to take third place. For a time, Adani was also the second-richest guy. The corporation, on the other hand, lost more than $120 billion.
Nate Anderson’s organization sprang to prominence this year after its damning assessment on billionaire Gautam Adani’s group took off more than $150 billion from the Indian conglomerate’s market value in the five weeks before it was published on Jan. 24.
The new tweet from the New York-based research organization provided no details on when the next study will be released or what it expects to say.
Hindenburg is not a hedge fund; rather, it is a forensic investigation firm that works with its own funds.
