The Bharatiya Janata Party (BJP) has sharply criticised Hindenburg Research, accusing the US-based short-seller of orchestrating reports to undermine India’s growing economic influence.
BJP spokesperson Shehzad Poonawalla described the Hindenburg report as a “supari” (contract) aimed at destabilising India’s economy. He labelled it an “organised, orchestrated, and manipulated act of economic anarchism and economic terrorism,” suggesting it was sponsored to target India’s economic rise.
Poonawalla further questioned the relationship between Hindenburg and Congress, stating, “Rahul Gandhi, your international alliance partner Hindenburg has shut its shop, now when will you stop your propaganda against India? What is your relationship with Hindenburg? Was it a Soros-sponsored report?”
He also demanded an apology from Congress for allegedly aligning with “anti-national” forces.
BJP leader Amit Malviya also slammed Hindenburg, noting that its closure came just as the US Department of Justice was planning an investigation into the firm. Malviya linked the timing of Hindenburg’s disbandment with Congress’s reliance on its reports to disrupt India’s parliamentary proceedings, accusing the opposition of acting in concert with Hindenburg’s agenda to target Indian retail investors.
Hindenburg Research, led by founder Nate Anderson, gained attention in January 2023 when it published a report accusing the Adani Group of financial misconduct, which led to a significant decline in Adani’s stock value. The Adani Group has consistently denied the allegations.
In response to these accusations, Adani Group Chairman Gautam Adani defended the company during an Annual General Meeting, calling the allegations “baseless” and asserting that the group’s integrity had been unjustly attacked.
In a surprising development, Anderson announced on Tuesday that he was disbanding Hindenburg Research. He said that the decision was a personal one, motivated by the desire to step back from the intensity of his work, and was not due to external pressures or health issues.
“As I’ve shared with family, friends and our team since late last year, 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. And as of the last Ponzi cases we just completed and are sharing with regulators, that day is today,” Anderson announced.
Anderson stated, “Someone once told me that at a certain point a successful career becomes a selfish act… I now view Hindenburg as a chapter in my life, not a central thing that defines me.”
Anderson shared that his future plans include pursuing hobbies, travelling, and spending more time with his fiancée and child. He also expressed support for his team members, some of whom may start their own research firms.
Meanwhile, the closure of Hindenburg coincides with a request from a Republican Congressman for the US Department of Justice to preserve documents related to the investigations into the Adani Group.
