US-based investment research firm “Hindenburg Research” on Saturday shared a cryptic post hinting at another major India-focused report. This comes more than a year after the firm released a report alleging “insider trading” and other stock market violations by the Adani Group of companies. The previous accusations of financial misconduct led to a significant drop in Adani’s stock prices.
In 2023, following the allegations against the Adani Group, shares of various Adani companies plummeted, with reported losses exceeding USD 100 billion. The report accused the group of financial irregularities, though the group has denied these claims.
In January, the Supreme Court of India cleared the Adani Group of the allegations made in the Hindenburg report. The apex court said that it could not intervene in the domain of the regulatory regime and that the Hindenburg report “or anything similar” could not serve as the basis for a separate investigation. The court also instructed the Securities and Exchange Board of India (SEBI) to proceed with its investigation in accordance with the law.
The court also dismissed a review petition that sought the establishment of a court-monitored Special Investigation Team (SIT) to investigate the Adani-Hindenburg matter.
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