Hindenburg gave new hints about India

Last Updated on August 11, 2024 10:27 am

New York-based financial research firm Hindenburg Research, which rocked India with the revelations of Adani Group’s horrifying fraud, says something new is coming for India.

In a post on social media X on Saturday (August 10), the company said, “Big things coming soon, India”.

Meanwhile, after making this one-line post, India is once again in an uproar. The country’s press is trying to analyze what Hindenburg will reveal again.

On January 24 of last year, Hindenburg published a sensational investigative report on the fraud of Adani Group, the company of Gautam Adani, known to be very close to the ruling BJP, one of the richest people in India. It is said that the Adani Group has been committing fraud in share manipulation and financial transactions for decades. The group has amassed huge wealth by artificially inflating the share price manifold. Shares of Adani Group companies have increased by more than 500 percent in the past few years.

Share prices of all Adani Group companies started falling after the report was published; That decline continued for a long time. Gautam Adani lost tens of billions of dollars in that price drop.

In February last year, Gautam Adani overtook another Indian billionaire, Mukesh Ambani, to become Asia’s richest man. At the same time, he was elected the tenth richest man in the world. But in Hindenburg’s report everything turned upside down.

School dropout Gautam Adani has been one of India’s richest industrialists for the past few years. A native of the country’s western state of Gujarat, he is also one of Prime Minister Narendra Modi’s closest associates because of his good understanding with India’s ruling party, the BJP. The Adani Group has flourished in the last few years by exploiting this political connection.

Source: India Today