Hindenburg Research Teases New Indian Revelation After Adani Scandal
Hindenburg Research, a well-known US-based short-seller, has dropped a big hint about a new revelation involving an Indian company. In a post on X (formerly Twitter), the firm teased, “Something big soon India,” stirring up excitement and curiosity.
Something big soon India
— Hindenburg Research (@HindenburgRes) August 10, 2024
This teaser comes after the Adani Group scandal in January 2023, where Hindenburg accused the company of insider trading and stock manipulation. The report’s release, just before Adani Enterprises’ share sale, caused a massive $86 billion drop in the company’s market value and led to a big sell-off of its bonds.
In June 2024, Hindenburg made headlines again when the Securities and Exchange Board of India (SEBI) accused the firm of breaking Indian rules. Hindenburg hit back by revealing its connection to Kotak Bank, one of India’s biggest banks. This revelation caused Kotak Bank’s stock to drop sharply.
SEBI’s notice also accused Mark Kingdon, a New York hedge fund manager, of making $22.25 million by shorting Adani stocks before Hindenburg’s report was made public. The notice highlighted complex financial ties between Kingdon and Kotak Mahindra Investments Limited (KMIL).
Hindenburg dismissed SEBI’s claims as “nonsense,” saying the notice was an attempt to silence those exposing corruption in India. As we wait for Hindenburg’s next move, the Adani saga continues to shake up the Indian financial world. For more FINANCIAL UPDATE please click here
Originally posted 2024-08-10 19:08:12.
