‘Something big soon India’, Hidenburg Research hints at another exposure after Adani

Hindenburg Research, the short-selling US based firm posted a perplexing message on X, the platform formerly known as Twitter, stating, ‘Something big soon India,’ on August 10.

Another significant disclosure about an Indian corporation might be coming soon, according to short-selling firm Hindenburg Research. On August 10, the company said, “Something big soon India,” in a mysterious post on X, formerly Twitter.

This occurs more over than a year after Hindenburg reported accusations of insider trading and stock market infractions against the Adani Group. The article from January 2023 caused the stock prices of Adani Group to plummet significantly, allegedly resulting in losses exceeding $100 billion.

Something big soon India

— Hindenburg Research (@HindenburgRes) August 10, 2024

The Adani Group has consistently denied all accusations made in the Hindenburg report. At the time of its release, the group dismissed the claims as baseless.

The situation has been further complicated by recent allegations from Mahesh Jethmalani, a senior Indian lawyer and BJP leader. In July, Jethmalani claimed that an American businessman with Chinese connections had commissioned the Hindenburg report on Adani. He specifically named Mark Kingdon of Kingdon Capital Management LLC as the alleged party behind the report.

Jethmalani wrote on X, “spy” Anla Cheng and her husband Mark Kingdon hired Hindenburg Research to prepare a report on Adani group companies.” He further alleged that they used Kotak Mahindra Investments Limited to set up a trading account for short-selling Adani shares.

The lawyer has called for an investigation into potential links between political voices critical of Adani after the Hindenburg report and China. He suggested the report might have been Chinese retaliation for losing infrastructure projects like the Haifa Port.

It is noteworthy that, in response to a report by the Securities and Exchange Board of India (SEBI), the Supreme Court of India has denied a petition for a court-monitored probe into the Adani-Hindenburg dispute.

Group Chairman Gautam Adani addressed the accusations during Adani Enterprises’ June Annual General Meeting, saying, “In the face of an unprecedented attack on our integrity and reputation, we fought back and proved that no challenge could weaken the foundations on which your Group has been established.”