US short-seller Hindenburg Research says another report soon

The US-based short-seller Hindenburg Research on Thursday announced that it will soon release a new report on another target. The short seller made an announcement on Twitter without divulging details.

Run by Nate Anderson, the firm gained prominence after its scathing report on billionaire Gautam Adani. In the latest tweet, the short seller said that they are coming out with "another big" report soon.

Hindenburg's claims that Adani indulged in stock manipulation and other malpractices caused the company dearly as its value dropped to $53 billion and Adani was pushed out of Forbes' top 35 list. According to reports, the conglomerate lost over $120 billion.

The report surely did create a ruckus in market and the Opposition in India shifted to focus on an alleged connection of Adani Group and PM Narendra Modi-led government.

Leader of Opposition in Rajya Sabha, Mallikrjun Kharge,had posed question about the increase in Adani's wealth in a short span. Meanwhile he led Opposition leaders' store for the Joint Parliamentary Committee probe in the matter.

What is Hindenburg Research?

Hindenburg Research is a financial research company that dabbles in stock, credit and derivatives for probable mismanagement, accounting irregularities and hidden transactions. Once their reports are published on their findings, the company makes an investment using their own funds and wagers against the target.

This is a developing story, further details awaited

Published on: Thursday, March 23, 2023, 07:23 AM IST