NE BUSINESS BUREAU
AHMEDABAD/NEW DELHI/WASHINGTON, JAN 16
Reacting to the announcement by US-based short-seller Hindenburg Research that it was shutting down, Adani Group Chief Financial Officer (CFO) Jugeshinder Singh posted a cryptic message on social media. Singh wrote on X, “kitne ghazi aaye, kitne ghazi gaye,” which translates to “many conquerors came, many conquerors have gone.”
Buy the Book.
— Jugeshinder Robbie Singh (@jugeshinder) January 16, 2025
The announcement by Hindenburg’s founder Nate Anderson (https://hindenburgresearch.com/gratitude/) came as a surprise.
Anderson stated, “I have made the decision to disband Hindenburg Research. The plan has been to wind up after we finished the pipeline of ideas we were working on.”
Hindenburg Research, known for its controversial reports targeting global business conglomerates, including the Adani Group, has been a polarising entity.
Its 2022 report alleging financial mismanagement by the Adani Group triggered significant market losses and global scrutiny for the Indian conglomerate.
However, Adani strongly refuted the claims, calling them “calculated attacks on India’s growth.”
The timing of Hindenburg’s closure has sparked speculation, coinciding with political shifts in the US, including Donald Trump’s anticipated inauguration as President and criticism from Congressman Lance Gooden, who recently termed the US government’s probe into Adani Group companies “damaging to America’s alliances.”
Investor sentiment towards Adani Group rebounded sharply. Adani Power surged by 9 per cent to Rs 599.90, while Adani Green Energy rose 8.8 per cent.
Adani Enterprises and Adani Total Gas gained 7.7 per cent and 7 per cent, respectively. Other group companies, such as Adani Ports and Ambuja Cement, also experienced significant upticks.
Reflecting on the Hindenburg saga, Gautam Adani described it as “a dual assault targeting our financial stability and pulling us into a political storm.”
Despite renewed allegations in 2024, dismissed by Adani as “recycled claims,” the conglomerate has weathered the storm, with its stock performance signalling restored investor confidence.
The closure of Hindenburg marks the end of a controversial chapter in global financial markets, leaving a mixed legacy of market disruption and corporate accountability.
Hindenburg report against Adani led to a political storm in India. But as months passed, the Supreme Court dismissed a petition from litigators based on it while the Adani Group recovered lost ground with strong operating performance and stock recovering most of the losses.
BJP attacks Rahul Gandhi, ‘how he relied on Hindenburg reports’
BJP on Monday accused the opposition party’s leaders of colluding with “foreign forces” that want to destabilise India and asked Sonia Gandhi to disclose her role as the “co-president” in a George Soros Foundation-funded organisation’s activities.
Addressing a press conference at the BJP headquarters here, party national spokesperson Sudhanshu Trivedi alleged that a “systematic anti-India experiment” was underway and the dots were now connecting.
“The Congress’ hand is with foreign forces. It’s clearly visible now. The Congress wants to make the country’s condition worse,” he said, a day after the BJP alleged that Sonia Gandhi had links to the Forum of the Democratic Leaders-Asia Pacific (FDL-AP) Foundation, an organisation financed by George Soros Foundation, which has backed the idea of Kashmir as an independent nation.
BJP leader Amit Malviya said that Hindenburg’s decision to shutdown operation was no surprise as the new US Administration was looking to investigate the firm’s operations.
Hindenburg Research’s decision to disband comes as little surprise, coinciding with the Trump administration’s transition into office. As the US Department of Justice plans to investigate the firm’s operations, it’s worth reflecting on how Rahul Gandhi and the Congress party…
— Amit Malviya (@amitmalviya) January 16, 2025
“Hindenburg Research’s decision to disband comes as little surprise, coinciding with the Trump administration’s transition into office. As the US Department of Justice plans to investigate the firm’s operations, it’s worth reflecting on how Rahul Gandhi and the Congress party relied on Hindenburg’s reports. They frequently held press conferences and disrupted parliamentary proceedings, basing their actions on findings from this dubious George Soros-funded organization. Hindenburg and its sponsors targeted the Indian stock market, which sees massive participation from retail investors, with the Congress party acting in alignment with their sinister agenda,” Malviya posted on X.
