After dropping a bombshell on Gujarat tycoon Gautam Adani, Hindenburg Research announced that it would disclose "another big" expose, causing people to wonder who the US short seller will target next.
On Thursday, Hindenburg Research tweeted: “New report soon—another big one."
Hindenburg’s claim about the new big report comes at a time when the US is witnessing a banking turmoil following the collapse of Silicon Valley Bank and Credit Suisse starting last week.
The last Hindenburg report – on Adani Group – pushed the Indian markets into a state of turmoil. The short-seller levelled allegations of stock manipulation, accounting fraud and other financial misdeeds on the conglomerate. It may be noted that following the SVB collapse, Twitter users had slammed Hindenburg for being selectively biased for publishing the voluminous report on Adani Group while remaining silent over the failure of the two major US banks.
Adani Group had rebuffed Hindenburg's allegations as a "calculated attack" on India, its institutions and growth story, saying the allegations are "nothing but a lie." The Group said the report was driven by "an ulterior motive" to "create a false market" to allow the US firm to make financial gains.
It is reported that Gautam Adani’s group wiped out more than $150 billion from the Indian conglomerate’s market value in about five weeks since publication on January 24.