The Chief Financial Officer (CFO) of the Adani Group, Jugeshinder Singh, made a cryptic social media post on Thursday, hours after Hindenburg Research announced its sudden shutdown. In a post on social media platform, X, Singh wrote “kitne ghazi aaye, kitne ghazi gaye,” which loosely translates to “many conquerors came, many conquerors have gone.”

The announcement by US-based short-seller, Hindenburg Research, founder Nate Anderson on Thursday caught many by surprise. “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 said.

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“Nearly 100 individuals have been charged civilly or criminally by regulators at least in part through our work, including billionaires and oligarchs. We shook some empires that we felt needed shaking,” he said.

At that time, the Chief Financial Officer of the Adani Group, had called the report a “malicious combination of selective misinformation and stale, baseless and discredited allegations”.

The timing of Hindenburg’s closure has also sparked speculation. It comes days before Donald Trump’s anticipated inauguration as the US President.

Adani group stocks were ruling higher in stock market trade after the shutdown report came. Adani group stocks surged up to 9 per cent intraday.

Adani Power soared by 9 per cent to Rs 599.90, with Adani Green Energy up 8.8 per cent, Adani Enterprises rising 7.7 per cent, and Adani Total Gas gaining 7 per cent.

Hindenburg, infamous for its reports on global business giants, including the Adani Group, played a controversial role in shaping market narratives.

Their allegations of financial mismanagement against the Adani Group triggered massive market losses and global headlines.

Adani had denied the claims, calling them calculated attacks on India’s growth. The Supreme Court of India eventually cleared the conglomerate, branding the allegations baseless.

Nate Anderson has studied international business management at the University of Connecticut and lived in Jerusalem before returning to the United States where he took a consulting job with a financial software company. Later, he founded the Hindenburg Research.