Adani's US tormentor Hindenburg shuts shop

Hindenburg Research, which set off a firestorm in India with withering allegations against the Adani Group, is being disbanded, marking the end of the American short-seller feared for successfully targeting dozens of corporations.

- Varun Sood

NEW DELHI:

Nathan Anderson, who founded the research firm seven years ago, announced the closure but did not specify a reason for the decision.

Hindenburg Research became a household name in India after accusing the Adani Group of "pulling the largest con in corporate history," in January 2023. Despite Adani Group's strong denial and rebuttal of the allegations, the group's market value slumped over $150 billion in the first half of 2023. However, it has clawed back most of the losses since then.