U.S.-based short seller, Hindenburg Research, known for its exposé on the Adani Group, has hinted at another significant disclosure involving India, sparking widespread speculation.

What Happened: Hindenburg Research teased a major revelation concerning India. The firm’s cryptic message, “Something big soon India,” has led to speculation about the next corporation in its crosshairs.

Hindenburg Research released a scathing report on the Adani Group in 2023, accusing it of orchestrating "the largest con in corporate history."

The report accused the Adani Group of financial wrongdoing, including the existence of various offshore shell companies and having several of Gautam Adani’s relatives hold key leadership positions despite regulatory probes against them.

See Also: CDSL 1:1 Bonus Share Issue Record Date Announced

Why It Matters: Hindenburg Research's report on the Adani Group, was released just before Adani Enterprises' planned share sale. This led to a significant drop in the group’s stocks and wiped out approximately $86 billion in market capitalization.

In July, the Securities and Exchange Board of India (SEBI) issued a “show cause” notice to Hindenburg, outlining suspected violations of Indian regulations over shorting Adani Group.

Hindenburg, however, refuted these allegations, stating that it barely broke even and did not make hundreds of millions as previously reported. The firm also named Kotak Bank in its report for the first time, adding another layer to the controversy.

Earlier, SEBI also revealed ties between Hindenburg Research and New York hedge fund manager Mark Kingdon. SEBI alleged that Hindenburg had shared an advance copy of its Adani report with Kingdon, enabling strategic trading and substantial profits.

Hindenburg dismissed SEBI’s accusations of violating Indian regulations as “nonsense,” arguing that the notice was fabricated to silence those exposing corruption and fraud in India.

Read Next: Mazagon Dock Shipbuilders Secures ₹4,676 Cr Contract From ONGC

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.