Hindenburg Teases New India-Focused Report Amid Ongoing Adani Controversy

Hindenburg Research hints at a forthcoming India-centric report, over a year after alleging financial misconduct by Adani Group. The previous allegations led to severe financial impacts on Adani's stock. Recent claims also suggest American and Chinese involvement behind the Hindenburg report targeting Adani.

Hindenburg Research, a US-based investigative firm, hinted on Saturday at releasing a new India-focused report, stirring speculation and concern. This comes over a year after the firm accused the Adani Group of financial irregularities, leading to significant declines in the conglomerate's stock value.

In January 2023, Hindenburg's report alleged stock manipulation and fraud by Adani, resulting in shares plunging by over USD 100 billion. The Adani Group has continually denied these accusations, maintaining its stance against the claims presented. However, allegations have recently surfaced from Indian political figures suggesting foreign influence behind the report.

BJP leader Mahesh Jethmalani has accused Mark Kingdon, a US businessman with Chinese ties, of commissioning the Hindenburg report. Jethmalani alleged that the report was part of a vendetta against Adani for lost infrastructure projects, further calling for a governmental probe into political voices that supported the allegations against Adani. The Supreme Court of India previously cleared Adani of these charges following an investigation by SEBI.

(With inputs from agencies.)