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

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.

Jugeshinder 'Robbie' Singh, chief financial officer of Adani Group, posted a message on X, seen as a dig at the short-seller that hounded his group from distant shores but failed to bring it down.

"Kitne Ghazi Aaye, Kitne Ghazi Gaye (Many invaders have come and as many have perished)," Singh wrote, which appears to be a tongue-incheek response to the closure of the New York-headquartered firm.

Hindenburg's allegations had sparked a political slugfest between the ruling Bharatiya Janata Party and the opposition Congress, with both sides taking potshots at each other.

Congress alleged that the ruling party was favouring the Ahmedabad-based conglomerate, while the BJP attacked Congress for destabilizing the economy.

Earlier in the day, Anderson, 40, announced the closure of Hindenburg Research, which he had set up in December 2017.