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Hindenburg founder to close short-seller behind Adani selloffs

VCCircle

VCCircle · 7m ago

Hindenburg founder to close short-seller behind Adani selloffs

Nathan Anderson, founder of Hindenburg Research, announced plans to close his short-selling firm. Known for targeting companies like India's Adani Group and Nikola, Hindenburg's reports led to significant market impacts and triggered investigations. Anderson cited the intense nature of the work as his reason for disbanding. Despite his firm's notable successes in exposing wrongdoing, he intends to open-source Hindenburg's model and investigative techniques before fully stepping away from the business.

Related News

SEBI sends letter to Hindenburg about Adani short bet

VCCircle

VCCircle · 1y ago

SEBI sends letter to Hindenburg about Adani short bet

US-based short-seller Hindenburg Research has received a letter from India's securities regulator, SEBI, outlining potential violations in relation to its short bet against Adani Group last year. Hindenburg disclosed that it made $4.1m in gross revenue through gains related to its Adani shorts from an undisclosed investor relationship. The short-seller also accused Indian firm Kotak Bank of overseeing an offshore fund structure used by its investor partner to bet against Adani. Hindenburg described SEBI's notice as attempted intimidation, accusing the regulator of neglecting its responsibility to protect investors. Adani and Kotak Bank have not yet responded to the allegations.

Adani-Hindenburg Case: Kotak Bank created, oversaw fund used to bet against Adani, claims US short-seller | Mint

Livemint

Livemint · 1y ago

Adani-Hindenburg Case: Kotak Bank created, oversaw fund used to bet against Adani, claims US short-seller | Mint

Hindenburg Research claims that Kotak Mahindra Bank and brokerage firms associated with Uday Kotak were involved in creating and managing the offshore fund structure used by its investor partner to bet against Adani group stocks. The short-seller criticized the Securities & Exchange Board of India (SEBI) for failing to mention Kotak's name in its show-cause notice. Hindenburg suspects that SEBI may be protecting influential Indian businessmen, suggesting a lack of scrutiny. SEBI's notice, sent to Hindenburg on June 27, is seen as an attempt to intimidate the short-seller.

Adani AGM 2024: Hindenburg accusations were ‘baseless’, designed to defame us

Livemint

Livemint · 1y ago

Adani AGM 2024: Hindenburg accusations were ‘baseless’, designed to defame us

In a recent annual general meeting, Gautam Adani of Adani Enterprises dismissed the Hindenburg report's allegations as baseless. While he did not name the short seller responsible, Adani stated that the attack on the company's financial standing was a calculated strike aimed at defaming them. The Hindenburg report had accused Adani of using tax havens, raising concerns about debt, and engaging in stock manipulation. The Adani group has strongly refuted these allegations, referring to them as unsubstantiated speculations.

All Adani group stocks tumble; Adani Energy slumps 17%

YourStory

YourStory · 1y ago

All Adani group stocks tumble; Adani Energy slumps 17%

In early trading on Monday, all ten Adani group stocks experienced a slump, with Adani Energy dropping by 17%, following allegations made by US short-seller Hindenburg Research. Hindenburg claimed that SEBI chairperson Madhabi Puri Buch and her husband had undisclosed investments in offshore funds used by Vinod Adani to manipulate stock prices. This resulted in a decline in stocks for Adani Energy Solutions, Adani Total Gas, NDTV, Adani Power, and other related companies. Buch and her husband denounced the allegations, referring to them as an attack on SEBI's credibility.

Sensex, Nifty decline in early trade; Adani group stocks slump

YourStory

YourStory · 1y ago

Sensex, Nifty decline in early trade; Adani group stocks slump

Equity markets in India, including the Sensex and Nifty, declined at the start of the week due to investor caution surrounding a report by US short-seller Hindenburg Research. The report alleged undisclosed offshore investments by the SEBI chairperson and her husband, in connection with the Adani scandal. Adani group stocks, including Adani Enterprises and Adani Power, experienced significant declines. Despite a recent market rebound, concerns remain about potential disruptions from the Hindenburg report. The US markets ended higher on Friday, and Asian markets showed mixed results.

Hindenburg alleges SEBI head Madhabi Buch had stakes in obscure offshore funds used in Adani scandal

YourStory

YourStory · 1y ago

Hindenburg alleges SEBI head Madhabi Buch had stakes in obscure offshore funds used in Adani scandal

Hindenburg Research has accused Madhabi Buch, chairperson of India's securities regulator SEBI, and her husband of having stakes in offshore funds used in the Adani money siphoning scandal. The short-seller alleged that SEBI had shown little interest in Adani's alleged undisclosed web of offshore entities. Hindenburg cited whistleblower documents claiming that Buch and her husband had stakes in offshore funds controlled by Vinod Adani, which were used to round-trip funds and inflate stock prices. SEBI has not yet provided comment on the allegations.

Hindenburg showed Adani’s report to client two months before publishing: SEBI

Livemint

Livemint · 1y ago

Hindenburg showed Adani’s report to client two months before publishing: SEBI

US-based short seller Hindenburg Research is accused of sharing an early copy of its report on Adani Group with New York hedge fund manager Mark Kingdon, allowing him to profit from the subsequent market value drop. The Indian regulator, the Securities and Exchanges Board of India (SEBI), has issued a show cause notice to Hindenburg, alleging collusion, insider information use, and misleading tactics to induce panic selling. The notice also implicates a broker connected to Kotak Mahindra Bank. SEBI has given Hindenburg 21 days to respond to the allegations.

Adani tells investors sale of overseas bond worth $409 million due next week

Livemint

Livemint · 1y ago

Adani tells investors sale of overseas bond worth $409 million due next week

Adani Group is planning to sell a new overseas bond worth $409 million, with the sale expected to occur next week. The Indian conglomerate has been facing scrutiny following allegations of malfeasance by short-seller Hindenburg Research. The group's capital-raising activities have raised concerns, but company officials have denied the claims. Adani Green Energy Ltd. and affiliated firms will issue the 18-year tenor debt to redeem $500 million of notes maturing in December. Adani Group has not commented on the matter.

Gautam Adani ‘bribery’ case: How the troubles began since Hindenburg allegations — a timeline | Company Business News

Livemint

Livemint · 9m ago

Gautam Adani ‘bribery’ case: How the troubles began since Hindenburg allegations — a timeline | Company Business News

The Securities and Exchange Commission (SEC) has charged Adani Group Chairman Gautam Adani and his nephew Sagar Adani, among others, with involvement in a multi-billion-dollar bribery and fraud scheme. The SEC alleges that Adani Green Energy and Azure Power raised funds from US investors, promising bribes to Indian government officials to secure solar energy contracts. This comes after a report by US-based short seller Hindenburg Research alleged stock manipulation and accounting fraud by the Adani Group, leading to significant market value losses. Adani Enterprises also saw a drop in share price and Gautam Adani's net worth.

'Hindenburg report tried to shake our foundation but...': Gautam Adani

Livemint

Livemint · 1y ago

'Hindenburg report tried to shake our foundation but...': Gautam Adani

In a speech in Mumbai, Chairman Gautam Adani of the Adani Group addressed the controversy surrounding a report released by short seller Hindenburg Research last year. Adani stated that the objective of the report was to destabilize the conglomerate and politically defame India's governance practices. Despite the attack, Adani emphasized the firm's resilience and focus on operations. The report had alleged money laundering and stock price manipulation by the Adani Group, leading to a significant sell-off in their stocks. Adani's net worth has since risen, and he is currently the 13th richest person on the planet.

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