Adani Group CFO Jugeshinder Singh shared a cryptic comment following the news of Hindenburg Research shutting down operations. “How many ghazis came, how many ghazis went,” he wrote on X, as Adani Group stocks rose as much as 9%.
Hindenburg Research, a US-based short-seller known for targeting large business entities including the Adani Group, announced its dissolution on Thursday. Founder Nate Anderson said, “I’ve decided to disband Hindenburg Research. The plan has ended after we’ve completed the pipeline of ideas we’ve been working on. Anderson clarified that the decision Not taken due to threats or personal issues.
The move comes days before Donald Trump’s expected inauguration and comes after high-profile scrutiny from a prominent Republican lawmaker. Congressman Lance Gooden recently criticized the US government’s investigation into the Adani group of companies, calling it a move that could damage America’s global alliances.
Adani Group stocks saw a strong rally on January 16, with Adani Power rising 9% to ₹599.90. Adani Green Energy gained 8.8%, Adani Enterprises 7.7% and Adani Total Gas gained 7%. Other group companies including Adani Energy Solutions, Adani Ports, and Ambuja Cement also saw similar gains, indicating investor confidence after a prolonged period of turmoil.
The initial Hindenburg indictment in 2022 accused the Adani Group of financial mismanagement, leading to significant market losses. The group has consistently denied the allegations, describing them as “attacks on India”. The Supreme Court of India later cleared the group, with experts dismissing the claims as baseless.
In August 2024, Hindenburg renewed its attack with “recycled claims”, which the Adani Group quickly dismissed. Speaking about the controversy, Gautam Adani said it was a “double whammy to target our financial stability and drag us into a political storm.”
Hindenburg also targeted Indian markets regulator chief Madhavi Puri Buch and her family, in what Buch called an “attempted character assassination”.
