Who is Hindenburg, the firm targeting India’s Adani?
NEW YORK (AP) — Hindenburg Research is a financial research firm with an explosive name and a track record of sending the stock prices of its targets tumbling. It’s back in the headlines for taking on one of the world’s richest men, Indian coal mining tycoon Gautam Adani. Last week it accused the Adani Group, India’s second biggest conglomerate, of a brazen stock manipulation and accounting fraud scheme. Hindenburg has a history of looking for fraud in financial markets, and it has a financial incentive to do so. It uses a trading technique called short-selling to make money if its reports cause stock and bond prices of its targeted companies to fall.
