Hindenburg Research, which has taken on Adani group companies in its Jan 24 report, said it will soon release a new report on another target. The US short seller said in a tweet a few hours ago without giving further details.
The firm run by Nate Anderson gained more prominence this year after its scathing report on billionaire Gautam Adani's group wiped out more than $150 billion from the Indian conglomerate's market value in about five weeks since publication on Jan. 24.
The latest tweet by the New York-based research firm didn't provide any specifics on the timing of the next report's release, or what it intends to say. Hindenburg says it isn't a hedge fund, and it prefers to be known as a forensic research outfit that operates with its own capital.
Hindenburg Research report on the Adani Group led to a wipe-out of billions of dollars of investors money, and all eyes are on its upcoming next report. "New report soon -- another big one," said Hindenburg in its tweet.
Adani Group shares' fall
All the listed companies of Adani Group can roughly be divided into two eras -- the steep rise before Hindenburg's explosive report came out and the sudden fall following it.
Before January 14, 2023 the group's market capitalisation stood at over Rs 19 lakh crore. Its stocks were hitting through the roof with a Rs 20,000 crore fully-subscribed FPO on the anvil.
Stupendous success invariably brings along speculation and scrutiny. Just a month later, the Adani group's market capitalisation is down to less than Rs 7.3 lakh crore. The value of 10 listed companies of the group has plunged over Rs 12 lakh crore or $145 billion to $150 billion.
There are very few parallels to this level of decline in market capitalisation. As for the billionaire Gautam Adani, his net worth has fallen from $120 billion to around $41 billion.
