New Delhi: US short-seller Hindenburg Research on Saturday warned of ‘something big’ for India soon in a post on X triggering speculations about its next possible expose on Indian businesses.
Last year, the Adani Group stocks suffered a bloodbath on the bourses after Hindenburg Research made a litany of allegations, including those about fraudulent transactions and share-price manipulation, against it.
The Adani Group had dismissed the charges as lies, asserting it complies with all laws and disclosure requirements.
X users speculated about the next stock on Hindenburg’s target.
Political commentator Sandip Ghose termed it yet another attempt to trouble the Narendra Modi government.
Earlier this June, India's markets regulator SEBI slapped Hindenburg Research with a show cause notice for alleged "unfair trade practices" in its 2023 broadside against the Adani Group.
The Securities and Exchange Board of India (SEBI) in the June 26 show cause notice charged Hindenburg of "deliberately sensationalising and distorting certain facts" in the damning January 2023 report on the Adani group as well as working with a New York hedge fund to make its bet.
Hindenburg, which published the notice on its website, said it made just USD 4.1 million from its declared positions on Adani stocks and criticised the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the conglomerate creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities.
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