Hindenburg Research attacks Indian Adani Group
Allegations by Hindenburg Research are once again causing a company to falter. The short seller accuses the Indian conglomerate Adani Group of price manipulation and accounting fraud, causing Adani’s share price to plummet. Adani, which is also involved in eMobility projects, denies the allegations.
Adani had recently taken delivery of around 300 electric trucks from BYD for use at its ports in India and partnered with Ballard and Ashok Leyland to develop a fuel cell truck for the mining sector.
The short-seller attack has already caused the conglomerate’s stock market value to plunge by more than 100 billion dollars. In addition, the planned IPO of another Adani subsidiary has been postponed.
Following the accusations of Hindenburg’s report, the energy group TotalEnergies disclosed shareholdings in companies of the Adani Group totalling 3.1 billion dollars. TotalEnergies is known to be involved in the development of charging stations and hydrogen filling stations, among other things.
Incidentally, Hindenburg Research was also the short seller that set in motion the momentous scandal at truck maker Nikola Motor surrounding its ex-chief executive Trevor Milton. The electric car manufacturers Lordstown Motors, Kandi and Mullen have also been the target of Hindenburg Research.