Hindenburg claims another ‘big report’ coming soon weeks after Adani research

Investment research firm Hindenburg Research on March 23 said it will soon release a new report, two months after the firm released findings that alleged India’s Adani Group engaged in a stock manipulation and accounting fraud scheme over decades.

“New report soon—another big one,” the US short seller tweeted without revealing any further details.

Hindenburg’s claim about the new big report comes at a time when the US is witnessing a banking turmoil following the collapse of Silicon Valley Bank and Credit Suisse starting last week.

It may be noted that following the SVB collapse, Twitter users had slammed Hindenburg for being selectively biased for publishing the voluminous report on Adani Group while remaining silent over the failure of the two major US banks.

“Where is Hindenburg hiding now?” questioned a user. Another one wrote, -Silicon Valley Bank (SVB) goes from boom to bust, billions vanish -It is the biggest FDIC-insured institution to fail since 2008 -But no report or heads up from #Hindenburg -Selective amnesia or well-thought-out strategy.”

Adani Group had rebuffed Hindenburg's allegations as a "calculated attack" on India, its institutions and growth story, saying the allegations are "nothing but a lie." The Group said the report was driven by "an ulterior motive" to "create a false market" to allow the US firm to make financial gains.

"This is not merely an unwarranted attack on any specific company but a calculated attack on India, the independence, integrity and quality of Indian institutions, and the growth story and ambition of India," it said.

Gautam Adani’s group wiped out more than $150 billion from the Indian conglomerate’s market value in about five weeks since publication on January 24.

According to M3M Hurun Global Rich List released yesterday, Adani lost Rs 3,000 crore of wealth every week over the last year and his overall networth is down 60 percent from its peak. The report pegged Adani's overall fortune at $53 billion as of mid-March.