Adani Group CFO Jugeshinder Singh shared a cryptic observation when news broke that Hindenburg Research was winding down operations. “Kitne Ghazi Aaye, Kitne Ghazi Gaye,” he wrote on X, as Adani Group shares rose as much as 9%.

Hindenburg Research, the US-based short-seller known for targeting large corporate entities including the Adani Group, announced its dissolution on Thursday. Founder Nate Anderson stated, “I have made the decision to disband Hindenburg Research. The plan has been to wind down after finishing the portfolio of ideas we were working on.” Anderson clarified that the decision was not motivated by threats or personal problems.

The move comes days before Donald Trump’s scheduled inauguration and follows heightened scrutiny from a prominent Republican lawmaker. Congressman Lance Gooden recently criticized the US government’s investigation into Adani Group companies, calling it a move that could harm America’s global alliances.

Adani Group shares rose strongly on January 16, with Adani Power leading the way with a 9% rise to ₹599.90. Adani Green Energy rose 8.8%, Adani Enterprises rose 7.7% and Adani Total Gas rose 7%. Other group companies including Adani Energy Solutions, Adani Ports and Ambuja Cement posted similar gains, indicating investor confidence after prolonged turmoil.

Hindenburg’s initial allegations in 2022 accused the Adani Group of financial mismanagement, leading to significant market losses. The group has consistently denied the allegations, describing them as “calculated attacks on India”. India’s Supreme Court later upheld the conglomerate, with experts labeling the claims baseless.

In August 2024, Hindenburg renewed his assault with “recycled claims”, which Adani Group quickly rejected. Commenting on the controversy, Gautam Adani said it was a “double assault targeting our financial stability and leading us into a political storm”.

Hindenburg also targeted the head of the Indian markets regulator, Madhavi Puri Buch, and his family, which Buch called an “attempted character assassination”.