Hindenburg Research had in January this year come out with reports on Adani’s brazen stock manipulation.
New Delhi: Weeks after releasing reports on alleged stock manipulation and accounting fraud scheme by Indian conglomerate Adani Group, financial research firm Hindenburg Research on Thursday said that it would release another new report soon.
Hindenburg Research has tweeted, “New report soon—another big one”. The US-based short seller has however not divulged any details –like the company, group, timing of the report’s release — in its tweet.
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Hindenburg Research had in January this year come out with reports on Adani’s brazen stock manipulation. The financial research firm had cited two years of research, including talks with former Adani senior executives and reviews of thousands of documents.
The Adani Group had however in a series of rebuttal blasted the accusations, calling them a malicious combination of selective misinformation and stale, baseless and discredited allegations.
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Meanwhile, Gautam Adani, the founder of the Adani Group, has lost massive wealth as a result of the explosive Hindenburg charges. Due to worries about corporate governance and accounting fraud, Gautam Adani’s fortunes have taken a significant hit, and Mukesh Ambani of Reliance Industries has displaced the Ahmedabad-based businessman as the richest Indian.
According to the M3M Hurun World Rich List, which estimated Adani’s total fortune at USD 53 billion as of mid-March, Adani lost Rs 3,000 crore in wealth every week over the course of the previous year, and his overall net worth is down 60% from its high.
Although Ambani’s fortune also decreased by 20% to USD 82 billion, he still had a chance to surpass Adani as the richest Indian.
With PTI Inputs
