{"id":19162,"date":"2023-02-02T12:09:46","date_gmt":"2023-02-02T06:39:46","guid":{"rendered":"https:\/\/www.iquanta.in\/blog\/?p=19162"},"modified":"2023-02-17T12:45:15","modified_gmt":"2023-02-17T07:15:15","slug":"hindenburg-vs-adani-group","status":"publish","type":"post","link":"https:\/\/www.iquanta.in\/blog\/hindenburg-vs-adani-group\/","title":{"rendered":"Hindenburg vs Adani Group\u00a0: When a David Fights a Goliath"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_77 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.iquanta.in\/blog\/hindenburg-vs-adani-group\/#Hindenburg_vs_Adani_Group\" >Hindenburg vs Adani Group<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.iquanta.in\/blog\/hindenburg-vs-adani-group\/#What_is_Short_Selling\" >What is Short Selling?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.iquanta.in\/blog\/hindenburg-vs-adani-group\/#The_DRI_Probe_and_Ethical_Malpractice\" >The DRI Probe and Ethical Malpractice<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.iquanta.in\/blog\/hindenburg-vs-adani-group\/#Family_comes_First\" >Family comes First?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.iquanta.in\/blog\/hindenburg-vs-adani-group\/#Adicorp_Involvement\" >Adicorp Involvement<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.iquanta.in\/blog\/hindenburg-vs-adani-group\/#Auditing_Transparency_and_Corporate_Complicacy\" >Auditing Transparency and Corporate Complicacy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.iquanta.in\/blog\/hindenburg-vs-adani-group\/#Intolerance_to_Criticism\" >Intolerance to Criticism\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.iquanta.in\/blog\/hindenburg-vs-adani-group\/#Conclusion\" >Conclusion\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.iquanta.in\/blog\/hindenburg-vs-adani-group\/#The_Hindenburg_Vs_Adani_Skirmish_Rages_On\" >The Hindenburg Vs. Adani Skirmish Rages On<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.iquanta.in\/blog\/hindenburg-vs-adani-group\/#FPO_Follow_on_Public_Offer\" >FPO : Follow on Public Offer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.iquanta.in\/blog\/hindenburg-vs-adani-group\/#Credit_Suisse_cuts_its_ties\" >Credit Suisse cuts its ties :<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.iquanta.in\/blog\/hindenburg-vs-adani-group\/#Adanis_Say_On_The_FPO_cancellation\" >Adani&#8217;s Say On The FPO cancellation<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.iquanta.in\/blog\/hindenburg-vs-adani-group\/#Adani_Group_Bit_More_Than_It_Could_Chew\" >Adani Group Bit More Than It Could Chew<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.iquanta.in\/blog\/hindenburg-vs-adani-group\/#Backslide\" >Backslide<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Hindenburg_vs_Adani_Group\"><\/span><strong>Hindenburg vs Adani Group<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><strong>Whistleblowing (verb) : the act of raising an alarm against a company or an organization\u2019s unethical or illegal practices.<\/strong><\/p>\n<p>At a glance , the word mentioned above seems like a noble , philanthropic move by a 3rd party to maintain a degree of righteousness in the market \u2013 however as vigilantism often gives rise to more crimes in general \u2013 when whistleblowers seem to have an ulterior motive \u2013 it\u2019s rarely something that\u2019s totally selfless \u2013 because in the corporate jungle , everything comes with a price \u2013 with a tag , or some consequences. Generally done by someone inside a company(eg. Twitter CSO Pete Madge Zatko\u2019s subpoena against bot usage) \u2013 often 3rd party organizations decide to join the party as well ( Edward Snowden\u2019s Wikileaks ).<\/p>\n<p>No wonder the biz world was shook when Hindenburg \u2013 an NPE which specializes in short selling raised some serious allegations against Adani Group of companies. Someone was finally taking potshots against once the second richest man on the planet \u2013 and the whole world was instantly hooked to the beef that ensued.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_Short_Selling\"><\/span><strong>What is Short Selling?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Short selling is basically the practice of betting against stocks in order to garner and generate revenue in the process. Suppose there is a stock with a market price of 100 rupees. A short seller buys the share at the market price and , resells it to the friendly neighborhood broker. And as the market slumps with stock price say 80 , they buy it back and sell it again \u2013 earning a decent 20 percent profit. This practice is not uncommon , but however what makes Hindenburg different is the fact that it releases a detailed analysis of what the reasons behind betting against the stock is \u2013 as it expects others to join the bandwagon and further beat down the stock prices , thereby letting it earn more revenue from the future transactions.<\/p>\n<p>Adani Group is not the first one to be attacked by Hindenburg , its previous targets include some big names like Eros International, Nikola etc. The alleged involvement of Eros being run by the son in law of the CEO of Eros \u2013 sparked controversies so much that Eros lost almost 90% of its revenue in a single fiscal year and has been recuperating ever since.<br \/>\nAlthough summing up the entire 357 page legal documents is seemingly possible \u2013 there are 5 main causes that are of key significance.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_DRI_Probe_and_Ethical_Malpractice\"><\/span><strong>The DRI Probe and Ethical Malpractice<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>One of the main allegations that Hindenburg had on the tycoon was that the Board of Directors of the Adani Group had run ins with the law and still held powerful posts in the multimillion dollar empire. Chief among them is Mr. Samir Vora \u2013 brother in law of Gautam Adani \u2013 previously accused of Diamond Trading Scam by DRI ( Directorate of Revenue Intelligence ). However , the response from the Adanis were swift and crisp \u2013 citing that CESTAT \u2013 a higher authority gave Mr. Vora a cleanchit \u2013 and this is nothing but an attempt of defamation by Hindenburg driven by profit.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Family_comes_First\"><\/span><strong>Family comes First?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The involvement of Vinod Adani \u2013 the brother of Gautam Adani \u2013 in buying large amount of shares raised concerns about insider trading and artificially inflating and manipulating the price of stocks \u2013 was another serious allegation against the corporate scions. The trade relations with Mauritius and other offshore companies that Adani had tieups against were largely private \u2013 and transparency issues were the cornerstone of Hindenburg\u2019s Attack.<\/p>\n<p>The response by Adani group was direct and passive aggressive as well : \u201c Mr.Vinod Adani has no managerial roles nor does he occupy a chair in the top level management of the company. What he does with his stock portfolio is impertinent with the group and we expect Hindenburg to maintain a corporate decorum , by not targeting individuals with the Adani name, rather focus on the organization.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Adicorp_Involvement\"><\/span><strong>Adicorp Involvement<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Adicorp \u2013 an organization owned by someone very close to Adani was involved in some high value loans with the group , but almost immediately returning almost 90% of the purse. This raised an alarm about funneling and routing funds and shelling.<\/p>\n<p>Shelling : The practice of opening pseudo companies to funnel and pilfer , manipulate and aberrate funds. Cayman Island Companies, Panama Papers Scandal are some prior examples of shelling.<\/p>\n<p>This is probably the only curveball that dumbfounded the Adani legal team as there has been no specific response to the problem.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Auditing_Transparency_and_Corporate_Complicacy\"><\/span><strong>Auditing Transparency and Corporate Complicacy<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>What Hindenburg saw as a potential red flag was the audit issue. The group had almost 750+ subsidiaries making the operational structure and management of finance extremely complicated. Tracking a particular line of transaction becomes increasingly difficult \u2013 and the fact that this corporate megalodon is audited solely by Shah Dhandharia \u2013a firm with only 4 partners and 11 employees made Hindenburg go on the offensive by saying this is a strategy by the group to mask their shady dealings. The changing of CFOs at a blistering pace \u2013 Adani Group has had 8 CFOs in past 5 years was also a red flag.<\/p>\n<p>Adanis retorted by citing that their auditors were more than competent enough \u2013 and it regularly gets audited by big 4s \u2013 KPMG, Deloitte, EY and PwC.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Intolerance_to_Criticism\"><\/span><strong>Intolerance to Criticism\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Intolerance to criticism has been somewhat hypocritical to Gautam Adani\u2019s stance in which he claims that he is open to constructive criticism \u2013 but his prior legal warfares against media , journalists and even ex business partners have earnt him the reputation of a headstrong , opinionated guy. Accusing the big shot of intolerance and hypocrisy \u2013 Hindenburg really went all personal with it.<\/p>\n<p>Mr. Adani was quoted saying : \u201c Being open to introspection or understanding others point of view does not mean we have given up our legal right to defend ourselves, our businesses and other employees through proper legal channels. We have exercised our rights in this matter in due compliance with law and through proper judicial processes in this respect.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Although the accusations are serious , the Adani group has till now done a fantastic job of defending its position as Hindenburg is still to produce any sort of substantial evidence \u2013 rather nudging on the emotions and morality of the people. Although there might be some twists and turns in the seemingly long drawn legal battle to follow \u2013 maybe this time , just MAYBE , Hindenburg has bitten more than he can chew.<\/p>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"The_Hindenburg_Vs_Adani_Skirmish_Rages_On\"><\/span><strong>The Hindenburg Vs. Adani Skirmish Rages On<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"x1e56ztr\">\n<p><span class=\"x193iq5w xeuugli x13faqbe x1vvkbs x1xmvt09 x6prxxf xvq8zen xo1l8bm xzsf02u\">If you\u2019ve ever seen a chess match ongoing \u2013 both the players are seen pondering over their next moves for hours as high stakes are involved \u2013 and one rash move can change the outcome.Now imagine , a chess match with Billions of dollars at stake , the brand value and corporate goodwill of a multibillion dollar empire on the line \u2013 the match becomes even more tense and nerve wracking. Such has been the case about the Hindenburg Research vs Adani Group \u2013 that has been all the news recently.<\/span><\/p>\n<p>Except the fact \u2013 that it was lightning fast \u2013 almost like blitz chess. Nathan Anderson , known for his fast and accurate investigative probes and logically sound deductions raised some serious allegations \u2013 which although the Adani Legal team defended successfully initially , the impregnable defence soon began to crumble under pressure.<\/p>\n<\/div>\n<h3 class=\"x1e56ztr\"><span class=\"ez-toc-section\" id=\"FPO_Follow_on_Public_Offer\"><\/span><span class=\"x193iq5w xeuugli x13faqbe x1vvkbs x1xmvt09 x6prxxf xvq8zen xo1l8bm xzsf02u\"><b>FPO : Follow on Public Offer<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"x1e56ztr\">\n<p><span class=\"x193iq5w xeuugli x13faqbe x1vvkbs x1xmvt09 x6prxxf xvq8zen xo1l8bm xzsf02u\">FPO is the practice by which a company can issue new shares in order to either expand it\u2019s investor base , shareholder base and mstly increase it\u2019s revenue. Although a common practice , this has always been effective \u2013 given the fact that the reputation of the company shows indication of future growth.<\/span><\/p>\n<p>After the company&#8217;s stock price crashed 28% yesterday , billionaire Gautam Adani-led Adani Enterprises Limited called off its Rs 20,000 crore follow-on public offer (FPO) and said money will be returned to investors.The decision to not proceed with the FPO despite full subscription was taken at a meeting of the board of directors of the company.<\/p>\n<p>&#8220;Given the unprecedented situation and the current market volatility the \u2013 insulation to the investors are of paramount importance to us. \u201c \u2013 the once richest Indian, and once the second richest man on the planet was quoted saying. Although this was largely projected on behalf of the company as a gesture of concern about customers \u2013 experts view it as a last ditch effort to restore its clean image once more \u2013 given the amount of tarnishing it has gone through.<\/p>\n<p>Such was the impact of this Adani vs Hindenburg fiasco \u2013 that even on budget day yesterday \u2013 in what was termed as one of the most investor friendly budget in the recent year \u2013 the market index swayed by nearly 1000 points indicating the delirium in the market.<\/p>\n<\/div>\n<h3 class=\"x1e56ztr\"><span class=\"ez-toc-section\" id=\"Credit_Suisse_cuts_its_ties\"><\/span><span class=\"x193iq5w xeuugli x13faqbe x1vvkbs x1xmvt09 x6prxxf xvq8zen xo1l8bm xzsf02u\"><b>Credit Suisse cuts its ties :<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"x1e56ztr\"><span class=\"x193iq5w xeuugli x13faqbe x1vvkbs x1xmvt09 x6prxxf xvq8zen xo1l8bm xzsf02u\">The wealth management arm of the Adani Group has always been Credit Suisse \u2013 a bank that has been the guaranter on its loans , managing its assets and largely looking over potential mergers , acquisitions and takeovers of the diverse portfolio the Indian based tycoon has. However , as the Adani stocks and net worth tanked , they decided to cut off all ties with the group \u2013 thereby clearly expressing a lack of trust although implicitly.<\/span><\/div>\n<h3 class=\"x1e56ztr\"><span class=\"ez-toc-section\" id=\"Adanis_Say_On_The_FPO_cancellation\"><\/span><span class=\"x193iq5w xeuugli x13faqbe x1vvkbs x1xmvt09 x6prxxf xvq8zen xo1l8bm xzsf02u\"><b>Adani&#8217;s Say On The FPO cancellation<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"x1e56ztr\"><span class=\"x193iq5w xeuugli x13faqbe x1vvkbs x1xmvt09 x6prxxf xvq8zen xo1l8bm xzsf02u\"><span class=\"x193iq5w xeuugli x13faqbe x1vvkbs x1xmvt09 x6prxxf xvq8zen xo1l8bm xzsf02u\">The ever charismatic , ever confident CEO however \u2013 seems pretty optimistic about his company\u2019s position : &#8220;Our balance sheet is very healthy with strong cashflows and secure assets, and we have an impeccable track record of servicing our debt. This decision will not have any impact on our existing operations and future plans. We will continue to focus on long term value creation and growth will be managed by internal accruals. Once the market stabilizes, we will review our capital market strategy,&#8221; the 60-year-old Adani said.<\/span><\/span><\/div>\n<hr \/>\n<h2 class=\"x1e56ztr\"><span class=\"ez-toc-section\" id=\"Adani_Group_Bit_More_Than_It_Could_Chew\"><\/span><strong>Adani Group Bit More Than It Could Chew<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"x1e56ztr\"><span class=\"x193iq5w xeuugli x13faqbe x1vvkbs x1xmvt09 x6prxxf xvq8zen xo1l8bm xzsf02u\">Mauled by bear attacks from foreign and domestic critics alike and stuck in a no holds barred legal battle between the short seller Hindenburg Group \u2013 whose campaign made the Adani Emire topple from its very foundation. Marred by allegations on grave issues like funneling of money , speculations of insider trading \u2013 the company had been forced to go into defensive \u2013 from losing its financial wealth management tieup with CreditSuisse to stop rolling off new FPO \u2013 the latest nail in the coffin is that Hindenburgh gave Adani a reality check when vision of the Adani Group changed from global expansion as a conglomerate to conserve cash and salvage its reputation again.<\/span><\/div>\n<h3 class=\"x1e56ztr\"><span class=\"ez-toc-section\" id=\"Backslide\"><\/span><span class=\"x193iq5w xeuugli x13faqbe x1vvkbs x1xmvt09 x6prxxf xvq8zen xo1l8bm xzsf02u\"><i><b>Backslide <\/b><\/i><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"x1e56ztr\"><span class=\"x193iq5w xeuugli x13faqbe x1vvkbs x1xmvt09 x6prxxf xvq8zen xo1l8bm xzsf02u\"><i>The wounds on the Adani Group do not look great to be honest. The growth rate percentage is honestly sad , for a company like Adani which have always been aggressive in it\u2019s growth strategy. This year \u2013 the targeted growth dropped from 40% to merely 15-20% &#8211; akmost halved in single blow.<\/p>\n<p>The absence of Mr. Gautam Adani from UP investor summit also spoke volumes. A state with whom his conglomerate share an industrial and commercial alliance like no other. There\u2019s one unwritten rule \u2013 if a state lets you in to conduct business \u2013 you always attend the \u201cparties\u201d they throw \u2013 people call these parties \u2013 \u201c TradeExpo\u201ds. Adani not attending only highlights the seriousness of the situation for Adani. It not only wiped out over $120 billion in market cap, but also badly dented the group\u2019s ability to raise money. That it is expecting revenue growth to halve could mean that several projects that were expected to go on stream this year might be stalled.<\/p>\n<p><b>Conclusion:<br \/>\nWhether the David kills Goliath once and for all is still a topic up for debate and in all due honesty , still seems a bit farfetched \u2013 but as of now the outcome is pretty much clear.<\/p>\n<p>Nate Anderson 1 \u2013 0 Gautam Adani.<\/b><\/i><\/span><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Hindenburg vs Adani Group Whistleblowing (verb) : the act of raising an alarm against a company or an organization\u2019s unethical or illegal practices. At a glance , the word mentioned above seems like a noble , philanthropic move by a 3rd party to maintain a degree of righteousness in the market \u2013 however as vigilantism [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19170,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[367],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.4 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hindenburg vs Adani Group\u00a0: When a David Fights a Goliath - iQuanta<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.iquanta.in\/blog\/hindenburg-vs-adani-group\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hindenburg vs Adani Group\u00a0: When a David Fights a Goliath\" \/>\n<meta property=\"og:description\" content=\"Hindenburg vs Adani Group Whistleblowing (verb) : the act of raising an alarm against a company or an organization\u2019s unethical or illegal practices. 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