Adani Group Chief Financial Officer (CFO) Jugeshinder Singh made a cryptic social media post on Thursday, hours after Hindenburg Research, the US-based short-seller, announced its sudden shutdown.
Posting on X, Singh wrote "kitne ghazi aaye, kitne ghazi gaye," which loosely translates to "many conquerors came, many conquerors have gone."
Kitne Ghazi Aaye, Kitne Ghazi Gaye
— Jugeshinder Robbie Singh (@jugeshinder) January 16, 2025
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The announcement by Hindenburg Research founder Nate Anderson on Thursday caught many by surprise. “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,” Anderson said.
Hindenburg, infamous for its reports on global business giants, including the Adani Group, played a controversial role in shaping market narratives. Their 2022 allegations of financial mismanagement against the Adani Group triggered massive market losses and global headlines.
Adani, however, vehemently denied the claims, calling them “calculated attacks on India’s growth.” The Supreme Court of India eventually cleared the conglomerate, branding the allegations baseless.
The timing of Hindenburg’s closure has also sparked speculation. It comes days before Donald Trump’s anticipated inauguration as the US President and amid criticism from Congressman Lance Gooden, who recently called the US government’s probe into Adani Group companies “damaging to America’s alliances.”
In the stock market, investor confidence roared back. Adani Power soared by 9 per cent to Rs 599.90, with Adani Green Energy up 8.8 per cent, Adani Enterprises rising 7.7 per cent, and Adani Total Gas gaining 7 per cent. Other group companies, including Adani Ports and Ambuja Cement, mirrored the rally.
Hindenburg’s tactics had reignited controversy in 2024, with renewed allegations dismissed by Adani as “recycled claims.” Gautam Adani, reflecting on the saga, called it "a dual assault targeting our financial stability and pulling us into a political storm."