Hindenburg research, which targeted Adani, shuts down

16 January,2025 08:21 AM IST |  New Delhi  |  Agencies

Hindenburg in January 2023 published a report accusing the Gautam Adani-led group of ‘pulling the largest con in the corporate history’

Gautam Adani and Nate Anderson, Hindenburg Founder


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Hindenburg Research, which made international waves with campaigns targeting billionaire Gautam Adani that wiped billions from market value of his group companies, will disband, its founder Nate Anderson announced on Thursday. Announcement by Anderson, 40, who started Hindenburg in 2017, came just days before Donald Trump's inauguration as the new President of the United States.

While he cited the toll of the "rather intense, and at times, all encompassing" nature of the work as the reason for his decision, critics were quick to link the shutting down Hindenburg's alleged ties with George Soros and the so-called deep state being under significant pressure from the incoming Trump administration.

Adani Group CFO Jugeshinder Robbie Singh in a cryptic post on X said, "Kitne Ghazi Aaye, Kitne Ghazi Gaye" Hindenburg in January 2023 published a report accusing the Adani group of "pulling the largest con in the corporate history", wiping out more than $150 billion in value of the group's shares at their lowest point. Adani group vehemently denied all the allegations including that being "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades" and improper use of offshore tax havens to shore up group share prices.

Adani's stock surges

Adani group stocks rallied on Thursday morning after Hindenburg Research announced that it will be shutting down.Shares of Adani Power surged 9.21 per cent, Adani Green Energy soared 8.86 per cent, Adani Enterprises climbed 7.72 per cent, Adani Total Gas jumped 7.10 per cent, NDTV rallied 7 per cent and Adani Energy Solutions advanced 6.63 per cent on the BSE. The stock of Adani Ports climbed 5.48 per cent, Ambuja Cements jumped 4.55 per cent, ACC shot-up by 4.14 per cent, Sanghi Industries (3.74 per cent) and Adani Wilmar (0.54 per cent).

Shutdown not clean chit

The Congress said Hinderburg's closure does not mean a clean chit for "Modani" and asserted that without a JPC, the "already-compromised" institutions of the Indian state will continue to act only to protect the powerful. Congress general secretary in-charge communications Jairam Ramesh said, "The closure of Hindenburg Research does not, in any way, mean a clean chit for Modani."

The Hindenburg report of January 2023 proved serious enough to compel the Supreme Court of India to set up an Expert Committee to probe the allegation made in it against the Adani Group "whose prime patron is none other than the present Prime Minister of India", he said in a statement.

Supari against economy

The BJP slammed Hindenburg Research, alleging that the US-based short seller's reports were ‘supari' taken against India's rising economic power. BJP Spokesperson Shehzad Poonawalla alleged that Hindenburg's report was a sponsored, organised, orchestrated and manipulated act of economic anarchism and economic terrorism.

BJP leader Amit Malviya questioned the decision to disband, noting that it came at a time when the US Department of Justice was planning an investigation into the firm's operations. Senior Advocate and BJP Rajya Sabha MP Mahesh Jethmalani alleged that Hindenburg Research's disbanding signals deeper implications, suggesting possible scrutiny by US authorities or fear of investigation for its role in targeting Adani Group shares.

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