'Kitne Ghazi Aaye, Kitne...': Adani Group CFO shares cryptic message as Hindenburg Research shuts down, check here

Adani Group’s CFO, Jugeshinder Singh, made a cryptic remark on social media as news broke that Hindenburg Research, the US-based short-seller, was shutting down its operations. Singh wrote, "Kitne Ghazi Aaye, Kitne Ghazi Gaye" on X (formerly Twitter), a line that loosely translates to "How many Ghazis came, and how many went." This remark came as the Adani Group's stock prices surged by as much as 9%.

Hindenburg Research, famous for targeting major companies, including the Adani Group, announced on Thursday that it would disband. Nate Anderson, the founder of Hindenburg, explained that the decision to shut down was part of a long-term plan to wind up operations after completing their ongoing projects. Anderson stressed that the closure was not due to threats or personal reasons.

Kitne Ghazi Aaye, Kitne Ghazi Gaye

— Jugeshinder Robbie Singh (@jugeshinder) January 16, 2025

This move comes at a time when the US is facing heightened political scrutiny. With former President Donald Trump’s upcoming inauguration and criticism from Congressman Lance Gooden, who recently criticized the investigation into Adani Group by US authorities, tensions were rising. Gooden expressed concerns that such an investigation could damage America’s diplomatic ties globally.

In reaction to the news of Hindenburg's closure, Adani Group stocks soared on January 16. Adani Power saw a jump of 9%, reaching ₹599.90, while other group companies such as Adani Green Energy, Adani Enterprises, and Adani Total Gas rose by 8.8%, 7.7%, and 7%, respectively. Other companies in the group, like Adani Energy Solutions, Adani Ports, and Ambuja Cement, also saw notable gains, signaling renewed investor confidence after months of volatility.

Hindenburg Research first accused the Adani Group of financial mismanagement in 2022, leading to significant market losses for the conglomerate. However, the Adani Group has consistently denied these accusations, calling them "calculated attacks on India." Later, the Supreme Court of India cleared the group, and many experts called the claims baseless.

In August 2024, Hindenburg reintroduced similar allegations with "recycled claims," but the Adani Group quickly dismissed them. Gautam Adani, the chairman of the group, referred to these attacks as part of a "dual assault" aimed at destabilizing the company's financial position and dragging it into political controversies.

Hindenburg also targeted Indian markets regulator chief Madhavi Puri Buch and her family, accusing them of being involved in the controversy, but Buch responded by calling it an attempt at character assassination.