Hindenburg Research, the controversial US-based short seller, has closed its operations after seven years. Known for exposing corporate irregularities, Hindenburg's most notable report in 2023 accused Adani Group of stock manipulation, leading to a massive crash.
Adani’s market cap fell to ₹7 lakh crore in February 2023 from ₹23 lakh crore in September 2022. Despite partial recovery—Adani Power doubling and Adani Ports gaining 51%—8 out of 10 targeted Adani firms remain in losses. Since 2017, Hindenburg's reports have disrupted stocks of 63 companies globally.