The Hindenburg orchestra on Adani: Will doomsayers finally face the music?
- The fallout on citizens of this report’s scandalous treatment as gospel truth should make us think hard about what’s in the public interest.
One year after the Hindenburg Report on Adani, let’s take stock of its impact. A broad view suggests the business group is unaffected, as almost all its shares are nearly back to their pre-report prices, indicating that the drop was a knee-jerk reaction. Last year’s reaction was not purely on account of the report’s revelations. Money was made overseas by gaming our market. A target was easily found by identifying vulnerability, or how hard a hit one could cause. However, business wise, Adani was not vulnerable, since almost all firms were performers; hence a trigger was missing. What was needed to hurt its shares were voices that gave the report the status of gospel truth. In times of political allegations and counter-allegations of crony capitalism, the Adani Group became the choice for a killing to be made by short-selling, given its stocks’ potential downside.