Market experts condemned the latest allegations in the Hindenburg case on Monday as not just a frivolous but a cheap move, saying that the US short seller had nothing substantial to report even 18 months later.
Sushil Kedia, founder and CEO of Kedianomics, said that short-selling firm Hindenburg was already exposed 18 months ago when it made big claims about the Adani Group and the Supreme Court-monitored investigation found nothing.
SEBI has also issued a notice to the research firm for violating securities market rules.
“Now, 18 months later, Hindenburg suddenly comes and claims on social media that they have something big planned for India. The aim was to destroy the Indian stock market by breaking the confidence of retail investors,” Kedia told IANS.
The expert further said that the real intention was to “try to break the sentiment of Indian retail investors” who had invested in the capital markets with great confidence.
Kedia said that just anyone cannot come in and start damaging the integrity of our institutions.
“Explain it. Back it up with data, go to court and file a complaint. But using the media to create mass hysteria and mass panic is clearly a crime against the Indian people,” he said.
The new Hinderburg allegations against the SEBI chairman had no impact on Indian stock markets on Monday.
According to Vikram Kasat, Head Advisory, PL Capital at Prabhudas Lilladher, Adani shares have been resilient and have not been significantly affected by the recent Hindenburg allegations.
The Indian market closed relatively unchanged, with its initial price eclipsed by the continuation of the Hindenburg-SEBI saga.
However, the market has tried to ignore these disruptions and take positive signals from global markets, experts say.
