Fri Jan 17 07:02:54 UTC 2025: ## Hindenburg Research Shuts Down After Adani Report Controversy

**Washington/New Delhi, January 16:** Hindenburg Research, the American short-seller that garnered global attention with its explosive allegations against the Adani Group, has officially closed its doors. Founder Nathan Anderson announced the closure on Thursday.

The report, released two years ago, accused Adani Group companies of accounting fraud and stock manipulation, triggering a massive sell-off of Adani Group shares on the Indian stock market. In just over a month, the market value of 10 Adani Group companies plummeted from ₹19.19 trillion to ₹7 trillion, resulting in a personal loss of approximately ₹9 trillion for Gautam Adani, who had briefly surpassed Mukesh Ambani as Asia’s richest man.

While Hindenburg’s closure has been attributed to the completion of all its investigative projects, the timing has fueled speculation, particularly given ongoing investigations into the Adani Group in India and the US. The Congress party, India’s main opposition, has rejected the notion that the shutdown constitutes a clean chit to Adani or the Modi government. Adani Group, meanwhile, has issued a statement suggesting this is simply part of the natural cycle of business, noting that their stock prices have since recovered.

Hindenburg Research, founded in 2017 by Anderson, operated with a small team of just 11 employees. Its modus operandi involved investigating companies, uncovering alleged wrongdoing, and then taking short positions before releasing its reports, profiting from the subsequent stock price declines. Besides Adani, the firm targeted several other companies, including Lordstown Motors Corp., Clover Health, and others in China and Colombia.

Anderson stated that all Hindenburg’s investigative projects are complete and that the firm’s closure was planned for this day. He also indicated plans to produce video documentaries detailing the firm’s investigative methods.

The closure follows investigations by the Securities and Exchange Board of India (SEBI) into Hindenburg’s allegations and the filing of lawsuits against Adani in the US. With Donald Trump’s expected return to power, many anticipate intensified scrutiny of the matter. The sudden closure of Hindenburg Research has prompted questions about whether the firm was pressured into shutting down due to potential legal repercussions.

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