The short seller who took on Adani and caused a $150 billion rout in the conglomerate's stock is releasing a new report — but it's not saying who's the next target yet

Hindenburg Research website displayed on a laptop screen.
The short seller who took on Adani is releasing a new report — but it's not saying who's the next target yet.Jakub Porzycki/NurPhoto/Getty Images
  • Short seller Hindenburg Research teased it's releasing a new report.

  • "New report soon — another big one," it said in a tweet on Wednesday, without sharing any further details.

  • The research firm targeted the Adani Group in a January 24 report alleging manipulation and fraud.

Hindenburg Research — the US short seller that targeted India's Adani Group and sent the conglomerate's shares reeling — said a new report may be coming soon.

The research firm teased the upcoming report in a tweet on Wednesday, saying "New report soon — another big one." They did not share any further details.

The tweet generated 4.7 million views and 27,000 likes in 13 hours.


New York-based Hindenburg Research shocked the markets when it alleged in a scathing January 24 report that the Adani Group "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades."

The report hit investor sentiment and sent Adani-related stocks into a tailspin, losing over $150 billion in about five weeks, according to Bloomberg. This also sent founder Gautam Adani's wealth plunging with his net worth halved to about $60 billion so far this year, per Bloomberg Billionaires Index. 

The Adani Group defended itself vigorously against Hindenburg's accusations, but the research firm also doubled down on its initial report.

The fallout from the short seller's report spilled over into the broader Indian markets and prompted concerns about corporate governance and debt in the country.

Shares of Adani Enterprises, the conglomerate's flagship company, were down 0.7% at last check. The stock is down about 53% so far this year.

Hindenburg Research did not immediately respond to Insider's request for comment sent outside regular business hours.

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