Hindenburg Report: Why is Hindenburg so interested in India? Is it making reports to help the people of India, or is it being funded to do so?

The Adani Group is one of the largest companies in the world, with businesses in many countries. No other country has raised controversial statements about Adani Group until now, but Hindenburg has been releasing reports against it continuously. It even posted on X before releasing its report, saying, “Something big is going to happen in India soon.” Why does it care so much about India?

Helping India?

Dr. Jagjit Bhattacharya, President of the Center for Domestic Economic Policy Research (CFDEPR), said that Hindenburg makes a profit by short selling. It has already made its profit, so why is it still releasing reports and press releases? Is it an investigation agency? No. Is it a journalistic authority? No. So why has it released this report? Can it really be for the benefit of Indians?

Hidden Findings in the Investigation

Dr. Bhattacharya added that the Adani Group is a major company in India and plays a significant role in the Indian economy. Hindenburg has also raised questions about SEBI (Securities and Exchange Board of India). Its aim seems to be to impact the Indian stock market. If you read Hindenburg’s report line by line, you’ll find shocking claims, such as accusations from the Directorate of Revenue Intelligence (DRI) about Adani Group overvaluing imports. But this report is from 2014 and is just a show-cause notice, not a final report. Hindenburg’s report doesn’t mention the results of the investigation by DRI. This is called yellow journalism—half the story is told, and half is hidden. It doesn’t explain who invested in or created the Adani Watch project, or why it was made.

Forced Allegations

The Hindenburg report also claims that SEBI Chief Madhvi Buch used her private email for business transactions through her husband’s name. Dr. Bhattacharya pointed out that the fund mentioned in the report was only 80 lakhs. Is the Adani Group really running on just this amount? The report also says Madhvi Buch lost a small percentage on this investment. If she were to invest, it should have been in Indian Mutual Funds under her supervision. If she did that, it would be a conflict of interest. It’s clear that the report is trying to make allegations without proper basis.

The Big Question

If the report’s claims are baseless, why is Hindenburg making them? Who is funding them to produce such reports?