Hindenburg's Disbanding Comes as a Pleasant Surprise for Adani

American short-seller Hindenburg Research, backed by George Soros, closing down its operations has come as a "pleasant surprise" for Indian billionaire conglomerate Adani Enterprises, industry sources told Sputnik India.

"It is too bad that they couldn't celebrate the second anniversary of the short-seller attack on Adani," industry sources said sarcastically.

While the sources admitted they weren't aware of the exact reasons behind Hindenburg's decision to shut up shop, they pointed to the rapidly changing geopolitical landscape, which may have influenced the move.

"With the advent of Donald Trump in the US, the short-seller might have had a rethink about its activities," industry sources added.

In January 2023, Hindenburg Research triggered the biggest stock market crash in Indian corporate history after accusing Adani of "pulling the largest con in corporate history". The US short-seller alleged that Adani used "offshore shell entities to generate artificial turnover".

The charges were denied by Adani, which accused Hindenburg of launching "calculated attacks on India".

However, Hindenburg's attack wiped off over $100 billion from Gautam Adani's personal wealth and caused the market capitalisation of 10 listed Adani firms to fall by over $80 billion. The Adani scrips have since recovered, with the news of Hindenburg's closure leading to a rally in the conglomerate's stocks.

Following the announcement, Adani Group shares surged by as much as 9% on Thursday.

Hindenburg Research had failed in its goal to damage India's global reputation, Bharatiya Janata Party (BJP) leader Savio Rodrigues told Sputnik India.

"Therefore, the US Deep State has decided to take its hand out from Hindenburg's operations. It appears that Hindenburg no longer has its backers in the Deep State," Rodrigues stated, capturing a widespread sentiment in India.

Rodrigues said that Hindenburg's attack on Adani was a reflection of the ill-intention of the US Deep State.

Hindenburg's purpose was not only to cast a shadow over India's economic growth but also to affect the global image of Indian business, he added.

"Though questions have been raised about Adani's operations, they are best left for Adani to answer through proper legal channels. Just like Tata, Ambani or any Indian business house doing well abroad, Adani represents the promise of India's growth story for a global audience," the ruling party politician said.

Further, Rodrigues mocked Hindenburg boss Nate Anderson's claim of having been successful and his offer of publishing videos to "open-source" its investigation model.

"It is funny that something which has failed would be giving tutorials to the rest of the world on how to succeed. There are many media houses which are integral as far as investigative journalism is concerned. But what Hindenburg was doing wasn't investigation. Let's not insult the vocation. It was short-selling," Rodrigues emphasised.

Hindenburg relied on creating an "euphoria" before targeting a particular company and subsequently sought to ensure that its investors "made money around a negative propaganda," he stressed.

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Hindenburg's Shutdown Pleasantly Surprises Adani