BJP Blames Congress, Industry Dismisses Hindenburg Claims

New Delhi: Industrialists, political leaders and investors have crticised US short seller Hindenburg Research over its latest allegations targetting the chairperson of market regulator SEBI and Adani Group. The Group has denied any commercial relation with SEBI’s chairperson Madhabi Puri Buch.

A section of political leaders have also accused the Congress of being behind Hindenburg’s move.

“Congress is seeking foreign help to discredit, destabilise our financial markets and to create chaos in the country by attacking independent regulator SEBI and by casting aspersions on the chairman of SEBI,” said Union Minister Rajeev Chandrasekhar.

“The Congress has only one job — spreading anarchy in the country, confuse people and get them to focus on divisive issues,” agreed his cabinet colleague Jyotiraditya Scindia.

Economist Dr Jaijit Bhattacharya questioned the locus standi of Hindenburg. If they are a short-selling entity go ahead within the law, make your money”.

“What is the motivation for coming back and investing money for investigation? Is it an investigatino body? is it sanctioned by some authority? Or is it a journalistic body making suo motu investigations”,” he said.

“It is yellow journalism they are indulging in, because if you go line by line into what they are saying, each line seems to be a baseless allegation,” Mr Bhattacharya added.

Business leader Sandip Ghose said the entire episode appears a “huge conspiracy”. “It is not a question of SEBI stonewalling… If the irregularity was so large, would it not have come out in the Supreme Court inquiry?” he said.  

SEBI’s former Executive Director JN Gupta said the allegations would not affect the market. “When the allegations first came 15-20 months ago, the market took a hit… today Adani shares have recuperated and investors have recouped their losses,” he said.

“There being nothing new against the Adani group,” the US shortseller is targeting SEBI’s chairperson Madhabi Puri Buch, said senior advocate Mahesh Jethmalani. “They went to the Supreme Court, the Supreme Court dismissed it,” he added.