Hindenburg Research, a US-based company known for exposing corporate wrongdoing, recently hinted that they will soon release another major report related to India. Last year, Hindenburg published a report that accused the Adani Group, a large Indian conglomerate, of fraud and stock manipulation. This report came just before Adani Enterprises was planning to sell more shares and caused a significant drop in the value of Adani Group's stocks, leading to a loss of around $86 billion.
Hindenburg's accusations claimed that the Adani Group had inflated its stock prices unfairly. As a result, the company's stocks lost over $100 billion in value. The Adani Group denied all the accusations. However, the damage was already done, and the company's reputation took a hit.
Recently, Mahesh Jethmalani, a senior lawyer and politician in India, claimed that the Hindenburg report was commissioned by a US businessman named Mark Kingdon, who has connections to China. According to Jethmalani, the report was a deliberate attempt to harm the Adani Group for losing out on certain infrastructure projects to India. He also suggested that the report was part of a Chinese strategy to undermine Indian companies.
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