Hindenburg Research, whose report in January rocked Adani stocks, hints at another big one
Could US-based Hindenburg Research, whose report in late January rocked Adani group shares, be working on another big report? Well, thats what the US-based financial research company just hinted at in a Twitter post. It was a January 24 report by HIndenburg, accusing the Indian conglomerate of stock manipulation and misuse of offshore tax havens that sent Adani group stocks - from the likes of Adani Enterprises to Adani Ports - bleeding on Dalal Street, even as Adani group denied any wrongdoing. The Adani conglomerate also dismissed the Hindenburg report as baseless.
Can the market digest another Hindenburg report? US-based Hindenburg Research — yes, the same company whose report earlier this year rocked Adani group shares, may be working on another big report. That's what the financial research hinted at in a Twitter post early on Thursday.
Adani Group hits back at Hindenburg, calls allegations attack on IndiaIn February, Adani Enterprises — the Indian group's flagship — withdrew a Rs 20,000-crore follow-on public offer (FPO) that was already fully subscribed. ALSO READ: ADANIENT calls off fully-subscribed FPO
What does Hindenburg Research do?
Hindenburg Research specialises in forensic financial research. According to its website, in particular, it often looks for situations where companies may have any combination of:
- Accounting irregularities
- Bad actors in management or key service provider roles
- Undisclosed related-party transactions
- Illegal/unethical business or financial reporting practices
- Undisclosed regulatory, product, or financial issues
What could be in store for whoever is on Hindenburg's radar this time, and for the financial markets?
Well, for now, Hindenburg has just six words to offer:
- New
- Report
- Soon
- Another
- Big
- One
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