“Kitne Ghazi aaye, Kitne Ghazi Gaye…”: Adani CFO Jugeshinder Singh shares mysterious post amid Hindenburg shutdown

Adani Group CFO Jugeshinder Singh shared a cryptic comment as news emerged of Hindenburg Research shutting down operations. “Kitne Ghazi Aaye, Kitne Ghazi Gaye,” he wrote on X, with Adani Group shares rising as much as 9%.

Hindenburg Research, a US-based short-selling firm known for targeting major corporate entities, including the Adani Group, on Thursday announced its dissolution. “I made the decision to dissolve Hindenburg Research,” said founder Nate Anderson. “The plan was to fold after we finished the set of ideas we were working on.” The decision was not due to threats or personal issues, Anderson explained.

The move comes days before Donald Trump’s expected inauguration, and comes after intense 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 shares rising 9% to INR 599.90. Adani Green Energy shares jumped 8.8%, Adani Enterprises shares rose 7.7%, and Adani Total Gas shares gained 7%. Other group companies, including Adani Energy Solutions, Adani Ports and Ambuja Cement, saw similar gains, indicating investor confidence after prolonged turmoil.

Hindenburg’s initial allegations in 2022 accused Adani Group of financial mismanagement, resulting in significant market losses. The group has consistently denied these accusations, describing them as “calculated attacks on India.” The group was later acquitted by India’s Supreme Court, and experts described the allegations as baseless.

In August 2024, Hindenburg renewed its attack with “recycled claims”, which the Adani Group quickly rejected. Speaking about the controversy, Gautam Adani said it is a “double attack targeting our financial stability and throwing us into a political storm.”

Hindenburg also targeted Indian Markets Regulatory Authority chief Madhavi Puri Buch and her family, which Buch described as an “attempt to assassinate character.”