Hindenburg research, which targeted Adani, shuts down

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 Trumprsquos inauguration as the new President of the United StatesWhile he cited the toll of the ldquorather intense and at times all encompassingrdquo nature of the work as the reason for his decision critics were quick to link the shutting down Hindenburgrsquos alleged ties with George Soros and the socalled deep state being under significant pressure from the incoming Trump administrationAdani Group CFO Jugeshinder Robbie Singh in a cryptic post on X said ldquoKitne Ghazi Aaye Kitne Ghazi Gayerdquo Hindenburg in January 2023 published a report accusing the Adani group of ldquopulling the largest con in the corporate historyrdquo wiping out more than 150 billion in value of the grouprsquos shares at their lowest point Adani group vehemently denied all the allegations including that being ldquoengaged in a brazen stock manipulation and accounting fraud scheme over the course of decadesrdquo and improper use of offshore tax havens to shore up group share pricesAdanirsquos stock surgesAdani group stocks rallied on Thursday morning after Hindenburg Research announced that it will be shutting downShares of Adani Power surged 921 per cent Adani Green Energy soared 886 per cent Adani Enterprises climbed 772 per cent Adani Total Gas jumped 710 per cent NDTV rallied 7 per cent and Adani Energy Solutions advanced 663 per cent on the BSE The stock of Adani Ports climbed 548 per cent Ambuja Cements jumped 455 per cent ACC shotup by 414 per cent Sanghi Industries 374 per cent and Adani Wilmar 054 per centShutdown not clean chitThe Congress said Hinderburgrsquos closure does not mean a clean chit for ldquoModanirdquo and asserted that without a JPC the ldquoalreadycompromisedrdquo institutions of the Indian state will continue to act only to protect the powerful Congress general secretary incharge communications Jairam Ramesh said ldquoThe closure of Hindenburg Research does not in any way mean a clean chit for ModanirdquoThe 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 ldquowhose prime patron is none other than the present Prime Minister of Indiardquo he said in a statementSupari against economyThe BJP slammed Hindenburg Research alleging that the USbased short sellerrsquos reports were lsquosuparirsquo taken against Indiarsquos rising economic power BJP Spokesperson Shehzad Poonawalla alleged that Hindenburgrsquos report was a sponsored organised orchestrated and manipulated act of economic anarchism and economic terrorismBJP 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 firmrsquos operations Senior Advocate and BJP Rajya Sabha MP Mahesh Jethmalani alleged that Hindenburg Researchrsquos disbanding signals deeper implications suggesting possible scrutiny by US authorities or fear of investigation for its role in targeting Adani Group sharesThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever