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Questions raised in the US & Indian media include why the sudden Hindenburg interest in an obscure business empire far away. Adani companies aren't even listed in the US.
Notably, the Hindenburg report came just ahead of a big local stock offering by Adani Group.
Also be aware that Indian accounting rules and business empire building techniques differ.
On the latter, it is common for Indian conglomerates to acquire controlling stakes of 20-30% and become manager-operator of the entities. So, unlike in the US, many companies in these groups aren't wholly-owned subsidiaries. Tatas, Birlas, Ambanis, Mahendras, Adanis and many others (I have included only the names more familiar in the US) grew that way. Both Ambani & Adani are close to Indian Prime Minister Modi.
BTW, Tata Motors/TTM recently announced that it is withdrawing its US listing due to lack of interest. https://finance.yahoo.com/quote/TTM/profile?p=TTM
Several Indian companies are listed in the US.
The date on this one on his web site is 1/24, although I don't know when the email went out. The stock didn't start down for a couple of days.
It will be interesting to see what happens to his next target.
His previous target, WELL, has gone up not down
So, after the secondary/FPO (follow-on public offering) was suddenly fully subscribed at the last minute at price well over the market price, Adani Group pulled it saying that it won't be fair to its investors and that it didn't need the money after all. Deposits would be refunded.
Unfortunately, some traders may have gotten caught in the fiasco or whipsawed.
Edit/Add. Press Release https://www.bseindia.com/xml-data/corpfiling/AttachLive/8e2c9f40-730f-444a-a65f-432194e81edc.pdf