Short seller Hindenburg Research prepares to uncover fraud at another big company, New York City-based investment research firm said on Thursday. The recent report on Adani Group by Hindenburg Research, founded by Nate Anderson, wiped out over $150 billion in market value from Gautam Adani’s group of companies.
Hindenburg Research took to Twitter on March 23 disclosing that the firm is releasing a new report soon. The firm added that the upcoming report also targets another big company. However, Hindenburg hasn’t offered more details or the timing of the report.
New report soon—another big one.
— Hindenburg Research (@HindenburgRes) March 22, 2023
Banking stocks impacted by the US banking crisis and the Fed 25 bps rate hike are facing more pressure after Hindenburg teases another big report. While the global market awaits further details, some believe the report is likely to target a bank this time. However, it’s unclear if the investment research firm will target another India-based company or any bank.
Hindenburg’s tweet sparked speculation, with people spreading rumors about another company’s alleged false practices. It’s important to wait for verified facts before jumping to conclusions.
Meanwhile, India’s leading stock indexes Sensex and Nifty 50 closed lower at 0.50% and %0.44, respectively. Adani Group’s companies hit a 5% upper circuit. US futures tied indexes Dow Jones, S&P 500, and Nasdaq are trading at 0.01%, 0.28%, and 0.88%, respectively. The U.S. stock market fell massively on Wednesday after the Fed raised interest rates by 25 bps and Treasury Secretary Janet Yellen refused ‘Blanket insurance’ of all bank deposits.
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