Hindenburg Research

2023 - 1 - 25

Post cover
Image courtesy of "Bloomberg"

Hindenburg Targets Asia's Richest Man, Triggering Adani Selloff (Bloomberg)

Shares in Adani Group companies fell after US investor Hindenburg Research said it was shorting the conglomerate's stocks and accused firms owned by Asia's ...

Post cover
Image courtesy of "Livemint"

Hindenburg Research seeks answers to 88 questions in its report ... (Livemint)

The 7 listed companies Of Adani Group are 85%+ overvalued even if you ignore our investigation and take the companies' financials at face value, ...

Post cover
Image courtesy of "Reuters"

Hindenburg shorts India's Adani Group, cites debt and accounting ... (Reuters)

Hindenburg Research said on Wednesday it held short positions in Adani Group, accusing the Indian conglomerate of improper extensive use of entities set up ...

Days later, it pledged shares in the two firms, worth about $12.5 billion at the time, to banks in a non-disposal agreement that prevents it from offloading the shares until lenders agree that debts are paid. While the report later corrected some calculation errors, CreditSights said it continued to be concerned about Adani Group's leverage. [(ACC.NS)](https://www.reuters.com/companies/ACC.NS) and Ambuja Cements [(ABUJ.NS)](https://www.reuters.com/companies/ABUJ.NS) from Switzerland's Holcim [(HOLN.S)](https://www.reuters.com/companies/HOLN.S) for $10.5 billion. 27 launch the country's biggest public secondary share offering, aiming to raise to [$2.5 billion](/business/indias-adani-use-25-bln-share-sale-proceeds-capex-debt-repayment-2023-01-18/) to fund capital expenditure and pay off some debt. The report coincided with bidding for Adani's secondary share sale by anchor investors on Wednesday. 21 "Nobody has raised debt concerns to us. No single investor has." short-seller's claims as baseless, saying it was timed to damage its reputation ahead of a large share offering. [(APSE.NS)](https://www.reuters.com/companies/APSE.NS) fell 6.3% while Adani Enterprises ended down 1.5%. [(ADNA.NS)](https://www.reuters.com/companies/ADNA.NS) exceeding equity by more than 2,000%. [(NKLA.O)](https://www.reuters.com/companies/NKLA.O) and Twitter, said it holds short positions in Adani companies through U.S.-traded bonds and non-Indian-traded derivative instruments. [(ADEL.NS)](https://www.reuters.com/companies/ADEL.NS), will on Jan.

Post cover
Image courtesy of "Financial Times"

Adani shares take $9.4bn hit after Hindenburg bets against group (Financial Times)

Shares in seven listed Adani Group companies were down 4.6 per cent on average in afternoon trading in Mumbai, with those in flagship business Adani Enterprises ...

For a full comparison of Standard and Premium Digital, click here. You'll enjoy access to several newsletters including FirstFT, a daily newsletter with the global stories you need to know as well as Editor's Choice, a weekly newsletter featuring the editor's favourite stories. Access our essential offering with over 600 journalists in 50+ countries covering markets, politics, business, tech and more.

Post cover
Image courtesy of "Variety"

Adani Group Accused of 'Largest Con' in Corporate History (Variety)

Adani Group, an aspiring media empire builder in India, is accused by U.S. investor Hindenburg Research of “the largest con in corporate history.”

“Adani has pulled off this gargantuan feat with the help of enablers in government and a cottage industry of international companies that facilitate these activities.” Hindenburg also catalogs several past investigations by Indian regulators into family members and associates for theft of taxpayer funds, corruption and a diamond trading scam. The media businesses are not accused by Hindenburg of any misdeeds. In August, Adani’s AMG Media Networks Limited (AMNL) mounted a hostile bid for New Delhi Television (NDTV), one of India’s most trusted news sources, and investment firm of “pulling the largest con in corporate history.” Adani Group denied the accusations.

Post cover
Image courtesy of "Business Today"

Adani Group engaged in stock manipulation, accounting fraud over ... (Business Today)

Hindenburg Research, in a lengthy report on the Adani Group, said that the conglomerate has “engaged in brazen stock manipulation and accounting fraud ...

It also cited the 2007 SEBI ruling that stated that the Adani promoters aided and abetted Ketan Parekh, the most notorious stock market manipulator in India, in manipulating the scrip of Adani. The report said that it found Vinod Adani to manage a vast labyrinth of offshore shell entities. Once on the books of the private entity, the assets were almost immediately impaired, likely helping the public entity avoid a material write-down and negative impact to net income,” stated the report. The report said that unlike Indian rules where listed companies need to have at least 25 per cent held by non-promoters, four Adani listed companies are on the brink of delisting due to high promoter ownership. “Evidence of stock manipulation in Adani listed companies shouldn’t come as a surprise. The Directorate of Revenue Intelligence (DRI) accused Gautam Adani’s younger brother Rajesh Adani of playing a key role in the diamond trading import/export scheme of 2004-05 that used offshore shell entities to generate artificial turnover, the report points out. The Hindenburg report also said that the group was the focus of four major government fraud investigations over allegations of money laundering, theft of taxpayer funds and corruption, totalling an estimated $17 billion. He was eventually promoted as Executive Director of the Adani Australia division, the report said. It said that the report was an attempt to discredit the conglomerate ahead of its FPO.“The report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India’s highest courts. The timing of the report’s publication clearly betrays a brazen, mala fide intention to undermine the Adani Group’s reputation with the principal objective of damaging the upcoming Follow-on Public Offering from Adani Enterprises, the biggest FPO ever in India.” It said that these 7 companies have 85 per cent downsided “purely on a fundamental basis owing to sky-high valuations”. “We have uncovered evidence of brazen accounting fraud, stock manipulation and money laundering at Adani, taking place over the course of decades.

Post cover
Image courtesy of "The New York Times"

A Short Seller, Hindenburg Research, Bets Against Adani Group (The New York Times)

Hindenburg Research accused the Adani Group of orchestrating the “largest con in corporate history,” sending shares of its companies tumbling on Wednesday.

(FT) (NYT) (Politico) de la Merced](https://www.nytimes.com/by/michael-j-de-la-merced), [Lauren Hirsch](https://www.nytimes.com/by/lauren-hirsch) and (Bloomberg) [winners and losers](https://blog.google/outreach-initiatives/public-policy/doj-ad-tech-lawsuit-response/)” in a market that’s competitive. (WSJ) that Google [abused its dominance over online search](https://www.nytimes.com/2020/10/20/technology/google-antitrust.html) is set to go to trial next fall. Rowe Price](https://www.nytimes.com/2022/11/25/business/dealbook/news-corps-fox-merger.html), the investment manager, told The Times that Rupert Murdoch’s plan would probably undervalue News Corp. [hadn’t gotten specific numbers](https://www.nytimes.com/2023/01/24/business/elon-musk-tesla-trial.html) from potential partners he said had been willing to invest in his efforts to take the carmaker private. [Irenic Capital Management](https://www.nytimes.com/2022/11/20/business/dealbook/news-corp-fox-investors.html), a shareholder in News Corp, questioned whether the Fox deal would be better than alternatives like selling the company’s real estate business. [weakest growth in six years](https://www.nytimes.com/2023/01/24/technology/microsoft-profit-drop.html), as revenue for its latest quarter grew just 2 percent year on year.

Post cover
Image courtesy of "The Indian Express"

What is Hindenburg Research, the company that has accused the ... (The Indian Express)

Hindenburg, which has short positions in Adani companies through US-traded bonds and non-Indian-traded derivative instruments, said key listed companies in the ...

Now, “he is on a roll and companies fear him”, he told the paper. Says the website: “We view the Hindenburg as the epitome of a totally man-made, totally avoidable disaster. Nikola was Anderson’s “breakthrough in size and notoriety”, Markopolos told the FT. “He is a world-class digger,” the report quoted Markopolos as saying of Anderson. “As an ambulance medic you are trying your best to heal things that are broken,” the FT report quoted him as saying. Hindenburg Research says on its website that the company specialises in forensic financial research.

Post cover
Image courtesy of "Business Today"

All about Hindenburg Research, the US investor firm that shorted ... (Business Today)

Hindenburg, known for having shorted electric truck maker Nikola Corp and Twitter, said it holds short positions in Adani Group's companies through ...

[Down 60% from 52-week high! TRENDING The company publishes online reports alleging business wrongdoing and fraud. was founded on "dozens of lies" in 2020. "The Group has always been in compliance with all laws, regardless of jurisdiction, and maintains the highest standards of corporate governance," Singh added. "Our informed and knowledgeable investors are not influenced by one-sided, motivated and unsubstantiated reports with vested interests," he added in the statement.

Post cover
Image courtesy of "The Hindu"

Adani shares fall as short-seller Hindenburg Research flags its ... (The Hindu)

Group CFO terms report a 'malicious combination of misinformation and stale, baseless and discredited allegations'

“Our research involved speaking with dozens of individuals, including former senior executives of the Adani Group, reviewing thousands of documents” and site visits in almost half a dozen countries, it said, adding that it had “taken a short position” on Adani group companies through U.S.-traded bonds and derivative instruments traded outside India. “The timing of the report’s publication clearly betrays a brazen, mala fide intention to undermine the Adani Group’s reputation with the principal objective of damaging the upcoming follow-on Public Offering from Adani Enterprises,” Group CFO Jugeshinder Singh said in a statement. The Adani group dismissed the report terming it a “malicious combination of selective misinformation and stale, baseless and discredited allegations”.

Post cover
Image courtesy of "Quartz"

A US research firm has accused Adani of pulling “the largest con in ... (Quartz)

A US-based financial forensic firm has alleged that India's Adani Group, led by the world's third-richest person Gautam Adani, is involved in a massive and ...

Shares of Adani Group’s seven listed entities plunged by up to 7% on Indian stock markets at the time of publishing today. It is being touted as the largest FPO in Indian history. A major chunk of the Indian taxpayer’s money is held by these government-run entities. Despite this, they have collectively moved billions of dollars into Indian Adani publicly listed and private entities, often without required disclosure of the related party nature of the deals,” the report said. 24), the New York-based short seller said the $218 billion conglomerate was “pulling the largest con in corporate history.” “We have identified 38 Mauritius shell entities controlled by Vinod Adani or close associates.

Post cover
Image courtesy of "Bloomberg"

US Short Seller Takes On Asia's Richest Man After Targeting Nikola ... (Bloomberg)

US short seller Hindenburg Research LLC is targeting Asia's richest man with accusations of market manipulation and fraud after a run of often-successful ...

Adani Group rejected the accusations as “baseless” and “selective misinformation.” Hindenburg said it’s short Adani securities via derivatives and US-traded bonds. [Hindenburg Research LLC](https://hindenburgresearch.com/?p=2376) is targeting Asia’s richest man with accusations of market manipulation and fraud after a run of often-successful bets against companies ranging from electric-vehicle maker Nikola Corp.

Post cover
Image courtesy of "Fortune"

One of Wall Street's most feared short-selling research firms just ... (Fortune)

Shares of Adani Group companies plummeted after its founder was accused of “pulling the largest con in corporate history.”

[Bloomberg Billionaires Index](https://www.bloomberg.com/billionaires/profiles/gautam-s-adani/), which ranks Adani as the fourth wealthiest person in the world. tech stocks bit into the wealth of Bezos and other billionaires whose fortunes were tied to the success of Big Tech. “This offshore shell network also seems to be used for earnings manipulation.” [Forbes](https://www.forbes.com/real-time-billionaires/#446b5fed3d78) [’s list](https://www.forbes.com/real-time-billionaires/#446b5fed3d78) of the world’s richest people, which uses a slightly different methodology, puts Adani in third place—above [Amazon](https://fortune.com/company/amazon-com/) founder Jeff Bezos. Despite Singh’s assertion that “the investor community has always reposed faith in the Adani Group,” Hindenburg’s report triggered a massive selloff of the corporation’s listed businesses on Wednesday. “The report is a malicious combination of selective misinformation and stale, baseless, and discredited allegations that have been tested and rejected by India’s highest courts,” the company’s CFO Jugeshinder Singh said in a statement on Wednesday. [Citigroup](https://fortune.com/company/citigroup/), and [Morgan Stanley](https://fortune.com/company/morgan-stanley/), [according to Reuters](https://www.reuters.com/markets/deals/gulf-investors-bid-indias-adani-enterprises-25-bln-fpo-bloomberg-news-2023-01-25/). “Our research indicates that offshore shells and funds tied to the Adani Group comprise many of the largest ‘public’ (i.e., non-promoter) holders of Adani stock, an issue that would subject the Adani companies to delisting, were the Indian securities regulator’s rules enforced.” In a report published on Tuesday, Hindenburg Research said Adani Group and its founder, Gautam Adani—one of the richest people in the world—had engaged in “a brazen stock manipulation and accounting fraud scheme over the course of decades.” “Four of Adani’s listed companies are on the brink of the delisting threshold due to high promoter ownership,” the report alleged. The rules also dictate that listed firms have at least 25% of their shares held by “non-promoters” in order to mitigate manipulation and insider trading. “The shells seem to serve several functions, including stock parking/stock manipulation and laundering money through Adani’s private companies onto the listed companies’ balance sheets in order to maintain the appearance of financial health and solvency,” Hindenburg’s report said.

Explore the last week