After pinning the Gujarat tycoon and his conglomerate, Hindenburg Research will shortly share another big expose. On March 23, the American short-seller tweeted: “New report soon—another big one.” This sparked curiosity all over the world, with many wondering if it would be about a US bank.
Gautam Adani’s fortune was reduced to $53 billion from a peak of over $150 billion in September 2022 as a result of the stock market crash following the release of a Hindenburg report, and he was pushed outside the top 35 on Forbes’ list of the world’s richest people. His conglomerate suffered a loss of over $120 billion. In addition to raising worries about rising debt, the Hindenburg Research study on January 24 suggested unlawful use of offshore tax havens and stock manipulation.
Users the world over have speculated on who could possibly be the next expose.
One Indian user has replied to Hindenburg’s post and written that, “hopefully”, it will not be about another Indian company. The user asked Hindenberg to carry out a report on a Chinese company this time.
The Hindenburg report created a ruckus in the market while the Opposition questioned the alleged connection between Adani Group and the Narendra Modi government. Mallikarjun Kharge, the Leader of the Opposition in the Rajya Sabha, claimed in February that Prime Minister Narendra Modi had declined to respond to questions about the Hindenburg-Adani controversy in the legislature. The logjam continues with the Congress-led Opposition demanding a JPC into the matter while the BJP government refusing to talk further till Rahul Gandhi tenders and unconditional apology for his recent speech at Cambridge, alleging the end of democracy in India.
Meanwhile, in the US, following the failure of the Silvergate bank, Silicon Valley Bank and Signature over the past two weeks, the latter two recording the second- and third-largest banking failures in US history respectively, attention has turned to the travails of the First Republic Bank with growing concerns that it could be the next to go.
Post the SVB collapse, the desperate actions by governments, regulatory authorities, and banks in both the US and Europe have not only failed to stem the growing financial crisis but in some ways are making it worse.
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