The short seller who took over Adani and caused the conglomerate’s stock to lose $150 billion is releasing a new report – but it’s not saying who the next target is
- Short seller Hindenburg Research teased this by releasing a new report.
- “New report soon – another big one,” it said in a tweet on Wednesday, without sharing any further details.
- The research firm targeted the Adani group in a January 24 report alleging manipulation and fraud.
Hindenburg Research – the US short seller that targeted India’s Adani Group and hit the group’s shares – said a new report could be coming soon.
The research firm teased the upcoming report in a tweet on Wednesday, saying, “New report soon – another big one.” He did not share any further details.
The tweet got 4.7 million views and 27,000 likes in 13 hours.
—Hindenburg Research (@HindenburgRes) March 22, 2023
New York-based Hindenburg Research alleged in a scathing January 24 report that the Adani group “engaged in a brazen stock manipulation and accounting fraud scheme spanning decades.”
According to Bloomberg, the report dented investor sentiment and Adani-related stocks lost more than $150 billion in about five weeks. This reduced founder Gautam Adani’s wealth to around $60 billion so far this year, according to the Bloomberg Billionaires Index.
The Adani Group vigorously defended itself against Hindenburg’s allegations, but the research firm also doubled down on its initial report.
The fallout from the short seller’s report rippled through the broader Indian markets and raised concerns about corporate governance and debt in the country.
Shares of group flagship company Adani Enterprises were down 0.7% at the last check. The stock is down about 53% so far this year.
Hindenburg Research did not immediately respond to Insider’s request for comment sent outside regular business hours.
Source: markets.businessinsider.com
