Hindenburg Research, US-Based Short Seller Behind Adani Group Probe, Set for Disbandment

In 2022, Hindenburg Research targeted the Adani Group, which dismissed the allegations as ‘nothing but lies’ and ‘calculated attacks on India.

Hindenburg Research, the US-based short seller known for targeting several business entities, including the Adani Group, is set to be disbanded, according to founder Nate Anderson.

“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 stated in a note on the Hindenburg website.

In an announcement made just days before Donald Trump takes office, Anderson clarified that there has been no specific threat or personal issue behind this decision.

Hindenburg targeted the Adani Group in 2022, which the group dismissed as “nothing but lies” and “calculated attacks on India.” The Supreme Court also cleared the Adani Group, with analysts and experts calling out the allegations.

In August 2024, the short-seller launched another attack on the energy-to-ports conglomerate, which dismissed the charges as “recycled claims” that had previously been discarded.

Reflecting on the short-seller’s actions a month later, Gautam Adani, chairman of the Adani Group, said it taught him the “most profound lesson.”

“Our leadership spirit was never more visible than during the financial market attack in January last year. It was a short-selling attack initiated from abroad. This was not a typical financial strike. It was a dual assault targeting our financial stability and pulling us into a political storm. It was a calculated move,” Adani said.

The short-seller had also targeted Indian markets regulator chief Madhavi Puri Buch and her husband in the past, which they called an “attempt at character assassination.” Hindenburg Research