"Those With Egg On Their Faces...": Senior Lawyer's Deep Dive Into Hindenburg Row

The whole "crony capitalism" campaign against the Adani Group has backfired, and those who celebrated the Hindenburg Research "hit job" on the Adani Group "have egg on their faces", senior lawyer Mahesh Jethmalani told NDTV. Mr Jethmalani has also pointed to a possible Chinese hand in the short seller's "hit job" on the Adani Group, and criticised the Congress party of inexplicably behaving "with such gusto" over the matter. "This whole campaign [against Adani Group] has backfired. Initially, it did seem to have some political fallout; it certainly had a market fallout on Adani Group firms' market cap, and retail investors took a big hit. Since then the Supreme Court clean chit has come, and Adani Group companies' shares have returned to pre-Hindenburg levels," Mr Jethmalani told NDTV. "The only ones who have egg on their faces now are those who had taken this [Hindenburg row] up as a crony capitalism issue, and not for what it really was - a Chinese hit job on Adani Group, which was serving India's strategic interests," he said.