A new report is coming up with a new report from US-based short-seller Hindenburg Research, which released the damning report on the Adani GroupAdani Group that resulted in a wipe-out of billions of dollars of investors money. The short-seller said that the new report is a big one New report and that will be another big one soon, according to Hindenburg in a tweet.
The last Hindenburg report on Adani Group pushed the Indian markets into a state of turmoil. The short-seller made allegations of stock manipulation, accounting fraud and other financial misdeeds on the conglomerate.
Hindenburg had also accused Gautam Adani's brother, Gautam Adani, of running a network of shell entities. Vinod Adani's involvement in the company, its deals and entities was also questioned.
Gautam Adani and the CFO Jugeshinder Singh swept in to damage-control. They issued a 413-sided response to the allegations, but that did little to salvage the situation. The follow-on public offering FPO had to be pulled after the report was released days before the issue.
Adani's fortunes plummeted to around $53 billion from $150 billion in September 2022. He had moved within the ranks of the richest individuals in the world and had reached the third spot. Adani had become the second-richest man in a long time. The company, on the other hand, suffered losses of over $120 billion.
Adani Group roadshows were held in Singapore, Hong Kong, Dubai, London and several cities in the US in February-end and beginning of March. The roadshows attended by Jugeshinder Singh were attempts at firefighting as the group aimed to shore up investor confidence.
Adani Group saw its first major investment after Hindenburg s report from US boutique investment firm GQG Partners bought shares worth Rs 15,446 crore in four Adani Group companies, including Adani Ports and Special Economic Zone, Adani Green Energy, Adani Enterprises and Adani Transmission.