After months and even years of attacks on Adani Group, it seems like the Hindenburg effect on the conglomerate is finally coming to a stop. The US-based short-selling firm that was behind reports that wiped out tens of billions from the market value of Adani Group, Hindenburg Research is finally shutting shutters. On January 15, Nate Anderson, who founded Hindenburg in 2017, through a note, announced his decision to disband the short-selling firm.
In the note, Nate Anderson said, “The plan has been to wind up after we finished the pipeline of ideas we were working on. And as of the last Ponzi cases we just completed and are sharing with regulators, that day is today.” He said that nearly 100 individuals have been charged civilly or criminally by regulators at least in part through Hindenburg’s work, including billionaires and oligarchs. “We shook some empires that we felt needed shaking,” he said. While he maintained that there was no particular threat or health issue or any big personal issue, he said, “The intensity and focus has come at the cost of missing a lot of the rest of the world and the people I care about. I now view Hindenburg as a chapter in my life, not a central thing that defines me.”
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Hindenburg, however, with the announcement of shutting down operations as well, had an effect on the Adani Group of companies, but all positive. The Adani stocks surged between 3-5 per cent intra-day with the flagship company, Adani Enterprises seeing a gain of over 3 per cent in the early hours of Thursday’s trading session.
Now that we have come to a close of Hindenburg and in effect of the ‘Hindenburg saga’, here is a timeline of controversies clouding the Adani Group since 2023…
November 2024: US charged Gautam Adani, 7 others in $265 million bribery case
In November 2024, US prosecutors in New York indicted Adani Group Chairman Gautam Adani, his nephew Sagar Adani and six others for allegedly offering Rs 2,029 crore ($265 million) in bribes to Indian government officials for securing “lucrative solar energy supply contracts” with state electricity distribution companies.
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