On Saturday, US-based company Hindenburg Research shared a message in a post on X hinting at a feasible new India-centric report saying ‘Something big soon India’. It comes as the US short seller published a report alleging the Adani group of insider trading and other violations in the stock market.
“Something big soon India,” Hindenburg said in the post on social media site X.
Something big soon India— Hindenburg Research (@HindenburgRes) August 10, 2024. The group’s shares witnessed a significant decline. However, the Indian company had rubbished these claims.
Hindenburg Research in a blog post said it made $4.1 million in revenue through gains made by shorting of Adani securities by its client. It added, ‘This will hardly break even considering the costs of producing the research’.
We have made $4.1 million in gross revenue through gains related to Adani shorts from that investor relationship. The firm earned around $31,000 from its own short position on Adani US bonds, which was a small stake.
It said, ‘Net of legal and research expenses (including time, salaries/compensation, and costs for a 2-year global investigation) we may come out ahead of break even on our Adani short’.
In June this year, the Securities and Exchange Board of India (Sebi) also disclosed new developments in the ongoing Adani-Hindenburg saga, revealing ties between Hindenburg Research and New York hedge fund manager Mark Kingdon.
Comments