Hindenburg Research, the U.S.-based investment research firm known for its high-profile short-selling reports, has sparked speculation with a cryptic message on the social media platform X (formerly Twitter). The firm hinted at a potential new report focused on India, stating, “Something big soon India.”

This teaser comes over a year after Hindenburg released a controversial report in January 2023, accusing the Adani Group, one of India’s largest conglomerates, of insider trading and various other stock market violations. The report led to a significant decline in the share prices of Adani companies, although the group vehemently denied the allegations.

Following the publication of its report on Adani, Hindenburg disclosed in a blog post that it had generated $4.1 million in gross revenue through gains made by its clients who shorted Adani securities. The firm noted that this figure barely covered the costs associated with producing the research, including legal and research expenses. Hindenburg also revealed that it earned approximately $31,000 from its own short position on Adani’s U.S. bonds, which was a relatively minor stake.

The Adani-Hindenburg saga has continued to unfold, with new developments emerging in June 2024. The Securities and Exchange Board of India (SEBI) revealed connections between Hindenburg Research and New York-based hedge fund manager Mark Kingdon, adding another layer of complexity to the ongoing investigation.

As Hindenburg hints at another potentially explosive report, investors and market watchers are on high alert for what could be another significant impact on Indian markets. The nature of the new report remains unclear, but the firm’s track record suggests that it could have substantial repercussions.

The cryptic message from Hindenburg Research has already begun to stir conversations in financial circles, as speculation mounts about which Indian company or sector might be the target of this new investigation.