Hindenburg to release new report
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 coming soon — another big one,” Hindenburg tweeted.
The most recent Hindenburg report, on Adani Group, threw the Indian markets into disarray. The short seller accused the conglomerate of stock manipulation, accounting fraud, and other financial misdeeds.
Gautam Adani’s brother, Gautam Adani, was also accused by Hindenburg of running a network of shell entities. It also called Vinod Adani’s role in the company, its transactions, and entities into question.
In late February and early March, the Adani Group held roadshows in Singapore, Hong Kong, Dubai, London, and several US cities. The roadshows, which Jugeshinder Singh attended, were attempts by the group to shore up investor confidence.
Meanwhile, following Hindenburg’s report, US boutique investment firm GQG Partners made its first major investment in four Adani Group companies, including Adani Ports and Special Economic Zone, Adani Green Energy, Adani Enterprises, and Adani Transmission.