The report said that the Adani Group had “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”.
In 1937, a hydrogen-powered German airship flying into New Jersey caught fire and crashed, killing 35 passengers on board. It was sort of a man-made disaster as some 100 people were loaded on to a balloon filled with the most flammable material in the universe. The airship was named Hindenburg.
About Hindenburg’s inception
Eight decades later, in 2017, a graduate of international business management from the University of Connecticut founded a “forensic financial research” firm to specialise in spotting wrongdoings and frauds, or what it calls man-made disasters, at companies around the globe and take market bets against them. Founder Nathan (Nate) Anderson named his firm Hindenburg Research.
Adani Group on radar
Last week, a report from Hindenburg Research on Indian tycoon Gautam Adani’s business empire sparked a USD 51 billion sell-off in shares of his group companies, pushing him four places down on the world billionaire index.
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The report said that the Adani Group had “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades”. The disclosure came just ahead of Adani Enterprises Rs 20,000 crore open offer of shares to…
