Hindenburg, a private US research firm, came into the limelight after its report on the Adani Group in 2023. In this report, Hindenburg made several serious allegations against the Adani Group, such as money laundering and stock manipulation, which the Adani Group got rid of at the end of the year. In this case, the Indian market regulator SEBI has taken big action against Hindenburg Research and sent a show cause notice.
Hindenburg Gave Its Response
Research firm Hindenburg has responded to this notice received from SEBI by posting a blog on July 1, in which it is said that SEBI has said in the notice that we have violated the rules. Hindenburg has called this notice fabricated and nonsense. He accused SEBI in his blog and wrote that it protects the fraudsters.
Remember that Hindenburg Research published a report of 106 pages and 32,000 words last year. It included 720 quotes alleging that the Adani Group has been involved in stock manipulation and accounting fraud schemes for decades.
Hindenburg Research also says in its blog, ‘Our work on the Adani Group was never appropriate from a financial or personal security perspective, but it is the work we are most proud of so far.’ It also said, ‘We knew the risks associated with this work from the beginning.’
These Allegations Were Made Against The Adani Group In The Hindenburg Report
In its report released on January 24, Hindenburg Research accused the Adani Group of being involved in stock manipulation, money laundering, and accounting fraud. The shares of seven companies of the Adani Group have risen by 85 percent. At the same time, the Adani Group has a debt of Rs 2.20 lakh crore, and it has bought its shares by sending money to Mauritius and other countries.
