Something big soon in India

New Delhi: Hindenburg Research, the short-selling firm, suggested another major revelation involving an Indian company may be imminent. The firm posted a cryptic message on X, the platform formerly known as Twitter, stating, “Something big soon in India,” on Saturday.

This comes over a year after Hindenburg published allegations against the Adani Group, accusing them of insider trading and stock market violations. The January 2023 report led to a significant drop in Adani Group stock prices, reportedly causing losses of over $100 billion.

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’s worth noting that the Supreme Court of India has dismissed a petition for a court-monitored investigation into the Adani-Hindenburg issue, following a report by the Securities and Exchange Board of India (SEBI).

Addressing the allegations at Adani Enterprises’ Annual General Meeting in June, Group Chairman Gautam Adani stated: “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.”