Hindenburg Research

News, The Morning Context

Madhabi Puri-Buch’s Blackstone connection deserves a closer look

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The SEBI chairperson seems to have been economical with the truth in her responses to the Hindenburg allegations on conflicts of interest, especially to do with her Blackstone ties. What could prove far more problematic for Puri-Buch than her name appearing alongside an entity she is overseeing the investigation of is her close connection with American private equity major Blackstone. The Blackstone connection has ensured that Hindenburg’s allegations aren’t another blip in the news cycle.

Adani Watch, News

Are Adani’s listed firms looking down the barrel of a major correction?

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The Adani Group’s listed companies lost over US $15 billion in value during a wider market correction on 13 March 2024 amid warnings from India’s market regulator about ‘froth’ in the stock market. Despite a partial recovery, they once again lost about US $8.5 billion on 18 and 19 March. The Group’s stocks and bonds have all been consistently down over the past month, raising the possibility of a group-wide correction underway. While there have been long-standing concerns regarding the Adani Group’s listed firms being over-valued, in this report AdaniWatch analyses coverage of Adani Group shares by analysts and investment in its shares by mutual funds to quantify how little Indian market professionals trust the Adani group’s listed companies’ valuations. This analysis calculates that Adani stocks are overvalued by at least 32%.

Adani Watch, News

Hindenburg fallout generates rare unity amongst Indian opposition parties

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A month after the release of the explosive Hindenburg report and the shock waves continue. The report has caused a firestorm in the Indian Parliament. The country’s Supreme Court has been deluged with cases arising from the Hindenburg allegations. Several major Adani projects have been cancelled or shelved as speculation mounts about the group’s financial health. Allegations swirl in the international press about the role of Vinod Adani, the older brother of Group founder, Gautam, in a network of Adani-invested entities registered in tax havens. Fears are now openly expressed in the world’s financial press that funds invested in ‘green’ Adani companies may have been used to back new coal projects.

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