Adani Group stocks have lost $107 billion in market value in six trading days, with the founder Gautam Adani falling from the list of top 20 billionaires in the world after slipping to 15th spot from 3rd spot a few days ago. Meet the man behind the alleged findings of Hindenburg Research, which claimed the ports-to-power conglomerate indulged in stock manipulation
Short seller refers to someone who borrows security, sells it at a current market price, and re-purchases it at a lower price. Short seller Nathan or Nate Anderson, founded Hindenburg Research in 2017. It analyses equity, credit and derivatives of listed companies
Nathan Anderson, who reportedly worked as an ambulance driver previously, is a qualified CFA and a CAIA, certifications that help his credibility in uncovering corporate frauds.
Named after an airship disaster in 1937 in the US, Hindenburg Research is a forensic financial research firm. It reportedly looks for “man-made financial disasters” and publishes its findings
Hindenburg is best known for its bet against electric truck maker Nikola Corp, which was accused of deceiving investors about some technological fails in their products. Nikola reportedly paid $125 million to US Securities and Exchange Commission. Hindenburg had a “long position” on Elon Musk-Twitter deal as well
Nate Anderson accused the Adani Group of “accounting fraud, stock manipulation, and money laundering” in a report titled ‘Adani Group: How the world’s 3rd richest man is pulling the largest con in corporate history’
Following the release of the Hindenberg report, RBI has asked Indian banks to take a stock of the loans taken by Adani Enterprises while SEBI is reportedly looking into the row. As per Forbes, Gautam Adani's net worth fell to $64.2 billion as a stock market rout wiped off another $12.5 billion for Adani Group, as of February 2
Former UK Prime Minister Boris Johnson’s brother Jo Johnson has resigned as the director of London-based firm Elara Capital which is reportedly a self-styled “leading investment bank” for Indian companies looking to raise money overseas
Elara Capital, where Jo Johnson was a director, was one of the 10 bookrunners for the Rs 20,000-crore FPO that Adani Group's flagship firm Adani Enterprises withdrew on Feb 1