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Hindenburg Research Announces Another ‘Big’ Report Following Adani Exposé

UTC by Tolu Ajiboye · 3 min read
Hindenburg Research Announces Another ‘Big’ Report Following Adani Exposé
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Forensic research platform Hindenburg Research has teased another report amid the ongoing US banking crisis. 

Following its Adani report, US short-seller Hindenburg Research says it will release a new report on another target soon. The New York-based research firm did not specify the next release and provided no details about timing or content.

Nonetheless, speculation is rife that the upcoming Hindenburg report could deal with the ongoing US banking crisis. This is because of the crisis’ impact on the financial landscape as triggered by the recent collapses of some commercial banks.

Hindenburg Research Teases Another Report Following Scathing Adani Group Assessment

The Hindenburg Research announcement on another report comes after the firm released an expose on Adani Enterprises earlier in the year. At the time, the research firm alleged that the Indian multinational conglomerate was involved in stock manipulation and accounting fraud. Hindenburg claimed that Adani operated this illicit scheme for decades in a “brazen” way and took a short position on the Indian company. At the time, the Hindenburg research read:

“Today we reveal the findings of our 2-year investigation, presenting evidence that the INR 17.8 trillion (US $218 billion) Indian conglomerate Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.”

Speaking on Adani Enterprise’s shares, Hindenburg stated:

“After extensive research, we have taken a short position in Adani Group Companies through US-traded bonds and non-Indian-traded derivative instruments.”

The US short seller also accused the Securities and Exchange Board of India of negligence  in investigating Adani’s offshore funds. Furthermore, Hindenburg alleged that the securities regulator did not enforce action that would have facilitated a delisting of Adani companies.

Report Eroded Adani Market Value & Founder Net Worth

Hindenburg’s scathing report on Adani Group saw the Ahmedabad-headquartered multinational conglomerate suffer a mammoth drawdown thereafter. Adani lost more than $150 billion of its market value in the ensuing five weeks. In addition, the group was also ousted from the S&P Dow Jones sustainability index.

Furthermore, Adani Group founder and chairman Gautam Adani sustained a substantial dent in his personal net worth as his company crumbled. Since the turn of the year, Gautam Adani has lost roughly $62 billion and dropped out of the world’s top five richest. Formerly the third-wealthiest individual in the world and Asia’s wealthiest man, Adani is now no. 21 on the Bloomberg Billionaires Index.

Adani Group vehemently denied Hindenburg’s claims and expressed bewilderment at the allegations that impacted its market value. Furthermore, the group claimed that Hindenburg published its report without “contacting us” or “verifying the facts.” According to Adani, which vowed to protect its investors, the damning report is a “malicious combination of selective misinformation.” The company claims that it always complied with all laws.

It is worth noting that Hindenburg’s stock manipulation report on Adani Group’s activities has not been proven in court. Regardless, another Hindenburg Research report may like have a similar effect.

Hindenburg Research

Hindenburg Research is a forensic financial research firm founded in 2017 by Nathan Anderson. The platform seeks to uncover corporate financial impropriety. These acts include fraud, corruption, misconduct, and insider trading.

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