Hindenburg Report / Adani Group

Hindenburg Report / Adani Group

Part of a series on Gautam Adani Becomes Second Richest Man. [View Related Entries]

Updated Feb 06, 2023 at 09:46AM EST by sakshi.

Added Feb 03, 2023 at 01:08PM EST by sakshi.

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Hindenburg Report / Adani Group refers to memes and discussions about Indian businessman Gautam Adani's business conglomerate Adani Group, and a report alleging widescale stock manipulation and fraud from the U.S.-based research firm "Hindenburg Research." In January 2023, Adani group opened up to investors buying more shares (FPO), and Hindenburg released its report criticizing the company. Soon after the report's release, Adani Group canceled the FPO, causing further discussion about the report's accuracy.


In November 2022, news about Gautam Adani's business conglomerate Adani Group announcing an "FPO" or follow-on public offering began to spread.[1][2] Adani reportedly planned to raise 20,000 Crore or 200 billion rupees (~$2.5B) to cover its flagship company, Adani Enterprises', new ventures in green and digital businesses, as well as pay off its borrowings. The move was expected to be the largest public offering in India.

On November 22nd, 2022, Twitter[3] user @REDBOXINDIA tweeted, "ADANI ENT HAS INITIATED FPO TO RAISE 20000 CRS FROM RETAIL AND INSTITUTIONAL INVESTORS" (seen below, left). On January 20th, 2023, Twitter[4] user @SanaSecurities posted a tweet that read, "The irony of Adani FPO is that the company is openly saying we need money to pay back our bank loans, and investors be like – Yes, please take from us. 🤦," gathering over 300 likes in two weeks (seen below, right).

RedboxGlobal India @REDBOXINDIA ... ADANI ENT HAS INITIATED FPO TO RAISE 20000 CRS FROM RETAIL AND INSTITUTIONAL INVESTORS 10:43 PM Nov 22, 2022 26 Retweets 7 Quote Tweets 538 Likes Rajat Sharma @SanaSecurities The irony of Adani FPO is that the company is openly saying we need money to pay back our bank loans, and investors be like - Yes, please take from us. 1:43 AM Jan 20, 2023 49.5K Views • : 58 Retweets 6 Quote Tweets 355 Likes

On January 24th, 2023, U.S.-based research firm Hindenburg Research announced the results of their investigation into Adani Group, publishing their critical report and posting a series of tweets outlining their findings. The firm also shorted Adani stocks. Their official Twitter[5] account, @HindenburgRes, gathered over 40,000 likes and 12 million views on their thread (seen below). The report is titled, "Adani Group – How The World’s 3rd Richest Man Is Pulling The Largest Con In Corporate History." On January 25th, 2023, Adani Group's official Twitter[6] account, @AdaniOnline, put out a media statement regarding the report, gathering over 3,000 likes and 500,000 views (seen below, right).

H @HindenburgRes NEW FROM US: Adani Group - How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History hindenburgresearch.com/adani/ Hindenburg Research (1/x) ritius Investors in Adani Stocks Fund ind d Jurisdiction Mauritius Mauritius Mauritius Mauritius Mauritius Assets (U.S. $) 2.3 billion 674 million 1.5 billion 3 billion 9:45 PM. Jan 24, 2023 12.3M Views 613 million % of Asse 99.4% 89.5% 97.9% 98.8% 100%** hindenburgresearch.com Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In ... Today we reveal the findings of our 2-year investigation, presenting evidence that the INR 17.8 trillion (U.S. $218 billion) Indian conglomerate Adani Group ... : adani Adani Group @AdaniOnline Media statement on a report published by Hindenburg Research. Media Statement 25 January 2023 We are shocked that Hindenburg Research has published a report on 24 January 2023 without making any attempt to contact us or verify the factual matrix. The report is a malicious combination of selective misinformation and stale, baseless and discredited allegations that have been tested and rejected by India's highest courts. adani The timing of the report's publication clearly betrays a brazen, mala fide intention to undermine the Adani Group's reputation with the principal objective of damaging the upcoming Follow-on Public Offering from Adani Enterprises, the biggest FPO ever in India. The investor community has always reposed faith in the Adani Group on the basis of detailed analysis and reports prepared by financial experts and leading national and international credit rating agencies. Our informed and knowledgeable investors are not influenced by one-sided, motivated and unsubstantiated reports with vested interests. The Adani Group, which is India's leader in infrastructure and job creation, is a diverse portfolio of market-leading businesses managed by CEOs of the highest professional calibre and overseen by experts in various fields for several decades. The Group has always been in compliance with all laws, regardless of jurisdiction, and maintains the highest standards of corporate governance. Jugeshinder Singh, Group CFO, Adani 3:51 AM Jan 25, 2023 572.5K Views : CON


Discussions about the accuracies and supposed biases in the report began to circulate in Indian internet circles soon after. Adani Group released a 400 page report rebutting the claims of fraud detailed in the Hindenburg report, and tweeted a link to the document on January 29th, 2023.[7][8] Hindenburg Research posted a reply to Adani Group on January 26th, noting that it did not adequately respond to the 88 questions posed by the initial investigative report.[13]

On February 1st, 2023, Twitter[9] user @Memeghnad posted a series of tweets outlining major news headlines that unfolded after the FPO and report were released (seen below). The thread took note of Adani Group rescinding and refunding shares to investors.

meghnad wait a min am I reading this right? 1) Adani group announces FPO & asks investors to buy more shares 2) Report comes out that Adani group is pumping up its existing shares allegedly using shell companies 3) FPO starts and nobody really wants to invest .. cont... 39 @Memeghnad. Feb 1 1 285 meghnad @Memeghnad 1,394 142.1K ←] 4) At the last moment, Adani group uses the SAME shell companies to buy new FPO shares also (with a little help from deshbhakt friends) ... 5) Stock price continues to fall and goes boom boom 6) Adani cancels FPO and returns the money to its own shell companies & frends?!? what.

On January 30th, the Instagram page @mememandir posted memes about the Adani Group and the Hindenburg Report, gathering over 17,000 likes[10] (seen below, left) and 14,000 likes[11] (seen below, right) in three days. The latter referenced the Name Soundalikes meme.

NEWS mememandir GAUTAM ADANI TO ACQUIRE SEBI "ab karlo investigation" - Gautam Adani ●●●●● QUARTZ Who is behind Hindenburg the research firm targeting the Adani group? Mimansa Verma January 28, 2023, 12:01 am

Also on January 30th, Instagram[12] page @luxx.ded posted a meme about Adani, gathering over 5,000 likes in three days (seen below, left). On February 2nd, Twitter[14] user @zhr_jafri posted a meme about Adani Group's financials being as volatile as an Indian tech start-up's. The tweet gathered over 2,000 likes in a day (seen below, right).

GOOD ARGUMENT luxx.ded UNFORTUNATELYI BOUGHT MAJORITY STAKE OF YOUR COMPANY Azhar Jafri @zhr_jafri New age tech companies looking at Adani Enterprises PAYTM ADANI ENTERPRISES 456 210 Why are you here? I thought you were financially stable. 2:01 PM. Feb 2, 2023 188.9K Views

Various Examples

ADANI LOST 97,000 CRORES OF MARKET CAP AFTER THE HINDENBURG REPORT!!! ComedyCulture.in -45.17 -4.24% -67- -1.31% -23.72 7%▼ -95.81 % -27.11 31.26 -2711 -81.26 -6 -24.67 -5.14 42.11 -4.33% 4. 1. -82.83 -7.32%▼ -11.60 -0.43%▼ -45.17 -8.32% -45.17 -67.43 -1.24% -67 -23.72 -1.31% -P THE ENGINEER BRO adani HINDENBURG RESEARCH Indian stock market LIC, SBI savings Thoda neeche thoda neeche bolke kitna neeche leke aagaya TOB IS ADANI TO BUY UNITED STATES OF AMERICA AFTER HINDENBURG REPORT K Gautam Adani 305 Likes Tweets Tweets & replies UMEMESHHH Media Subramanian Swamy Will another bank sink today? 1,866 2,443 19.3K la Q . Likes @... 06 Mar 20 8 : ADANI REACTION ON HINDENBURG RESEARCH REPORT ADANI €3 STOCKMARKET.INFOMANIA Snemarc SALA JALTA HAIN MUJHSE DE Barbadi @6iigma Foreign media trying to bring down the Indian economy by targeting goutam adani sir indians be like : : Bolne de, Takleef hui hai bechare ko 5:40 AM Feb 3, 2023 1,327 Views

Search Interest

External References

[1] LiveMint – Adani FPO In Works

[2] Economic Times – Adani Enterprises Eyes Raining 20000 Crore

[3] Twitter – REDBOXINDIA

[4]  Twitter – SanaSecurities

[5] Twitter – HindenburgRes

[6] Twitter – AdaniOnline

[7] Twitter – AdaniOnline

[8] BSE India – Response To Hindenburg Report

[9] Twitter – Memeghnad

[10] Instagram – mememandir

[11] Instagram – mememandir

[12] Instagram – luxx.ded

[13] Twitter – HindenburgRes

[14] Twitter – zhr_jafri

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