Traders, dealers and fund managers that TOI spoke to and also who commented on social media messaging groups that are private, were more annoyed with the US based short-seller than pointing fingers at the people and entities named in the report.
Market players feel that, for one, with Hindenburg’s second report, unlike from the first one, the ‘shock value’ is lost. After the first report in January 2023, in about five weeks the Adani group had lost about 65% of its combined market value. Since then, most of that loss has been recovered. Also investigations to look into Hindenburg’s allegations against Adani Group have mostly drawn a blank.
As a result, “Hindenburg has been found to be a toothless entity,” said Arun Kejriwal, director, KRIS, an investment advisory firm. “Nobody believes Hindenburg (any more),” he said.
Kejriwal also believes that this repeated attempt by Hindenburg to disrupt the Indian market is setting a bad precedence. “It’s high time India takes up this matter with IOSCO and initiate legal steps against it (Hindenburg) and the people behind it.” IOSCO, the International Organization of Securities Commissions, is an association of securities markets regulators globally.
Market players feel that the negative global factors like geopolitical issues or the volatile world markets could impact trading on the Street in the new week than the Hindenburg report.
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