Hindenburg Says Another Big Report Soon As Adani Row Continues

US-based short-seller Hindenburg Research, which earlier released a report flagging unlawful use of offshore tax havens and stock manipulation by the Adani group, on Thursday said it is coming up with a new report soon. The short-seller didn’t share any other details except that the new report is “another big one.” Reported ABP News. 

“New report soon—another big one,” Hindenburg Research said in a tweet.

Earlier, the US short-seller in a January 24 report accused the Adani group of “brazen stock manipulation and accounting fraud” and using a number of offshore shell companies to inflate stock prices. The allegations led to a free fall in Adani Group companies’ share prices, reducing Adani’s fortunes to around $53 billion from $150 billion in September 2022.

The group denied all allegations, calling them “malicious”, “baseless” and a “calculated attack on India”.

Hitting back at Hindenburg, It issued a detailed 413-page response to the allegations wherein the group said that “unsubstantiated allegations and misleading narrative are backed by relevant documents”. The Ahmedabad-based conglomerate led by Gautam Adani said that it complies with all local laws and had made the necessary regulatory disclosures, adding that the Hindenburg report was intended to enable the US-based short seller to book gains, without citing evidence.

To muster up confidence among the investors, the Adani Group held roadshows in Singapore, Hong Kong, Dubai, London, and several cities in the US in February-end and beginning of March.

Meanwhile, the Supreme Court has formed a six-member expert committee on the Adani-Hindenburg row which will be headed by retired judge Justice AM Sapre. The court has also directed regulator Sebi to conduct a probe to ascertain if there were irregularities or manipulation of stock prices.

The court has asked the regulator to conduct the probe and submit a status report in two months.

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