On March 23, Hindenburg Research, an investment research firm, announced that it will be publishing a new report in the near future. This comes two months after the firm’s previous report which claimed that Adani Group had been involved in a long-standing scheme of stock manipulation and accounting fraud.
“New report soon—another big one,” Hindenburg research wrote in a tweet on Thursday, without offering any other details.
Hindenburg Research’s announcement of a forthcoming report comes amidst a banking crisis in the United States, triggered by the recent collapses of Silicon Valley Bank and Credit Suisse.
Notably, some Twitter users criticized Hindenburg for perceived bias, as the firm published an extensive report on the Adani Group while staying silent on the failures of the two major American banks.
Hindenburg Research had conducted a two-year investigation into the Adani Group, and its report contained 88 questions. The report highlighted the conglomerate’s substantial debt, including pledging shares for loans, and questioned the capability of its auditor to handle complex audit work.
The Adani Group dismissed Hindenburg’s allegations in a 413-page statement, calling it a “calculated attack” on India, its institutions, and its growth story.
The group claimed that the allegations were false and driven by the US firm’s ulterior motive to create a false market by dragging down stock prices, enabling them to make financial gains.
The statement claimed that the report was a “malicious combination of selective misinformation and concealed facts relating to baseless and discredited allegations to drive an ulterior motive.”
Keep Reading
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- Is Hindenburg Research under investigation in the US?
- Credit Suisse assigned zero value to Adani bonds; what does it mean?
- Why Adani Group’s tender worth thousands crores cancelled by Yogi Govt?
- Know all about Shah Dhandharia & Co, CA firm which audits Adani group
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