‘Another big one’: Short seller Hindenburg says after explosive Adani allegations

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Hindenburg Research said it will soon release a new report, two months after the US short seller’s explosive allegations against Adani Group wiped more than $100 billion off the Indian conglomerate’s market value.

Hindenburg offered its Twitter followers a teaser about its next target, saying it would be “another big one.” The tweet, which didn’t offer any more details, got more than 4.5 million views over the last 12 hours.

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Hindenburg has targeted about 30 companies since 2020 and their shares lost about 15 percent on average the next day, according to calculations by Bloomberg News. Six months later, the shares were down 26 percent on average.

Hindenburg gained more prominence after its scathing report on billionaire Gautam Adani’s business empire in January, which roiled stocks and bonds from all 10 Adani-related companies.

The conglomerate’s flagship Adani Enterprises Ltd. has dropped 48 percent since the report, even as the group denied Hindenburg’s allegations of accounting fraud and stock manipulation. Hindenburg’s Twitter following has doubled to surpass 500,000.

The firm, run by Nate Anderson, describes itself as a forensic research outfit operating with its own capital. But it follows the standard procedure for a so-called activist short: After researching a potential target, Hindenburg places a bet that the stock will decline, then trumpets its research publicly, using social media to get the message out.

Hindenburg didn’t provide any specifics on the timing of the next report’s release.

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