'Kitne Ghazi aaye, kitne Ghazi gaye...': Adani CFO Jugeshinder Singh shares cryptic post amid Hindenburg closure

Adani Group CFO Jugeshinder Singh shared a cryptic remark as news broke of Hindenburg Research shutting down operations. “Kitne Ghazi Aaye, Kitne Ghazi Gaye,” he wrote on X, as Adani Group stocks surged up to 9%.

Hindenburg Research, the US-based short-seller known for targeting major business entities, including the Adani Group, on Thursday announced its disbandment. Founder Nate Anderson stated, “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 clarified that the decision was not prompted by threats or personal issues.

The move comes days before Donald Trump’s anticipated inauguration and follows heightened scrutiny from a prominent Republican lawmaker. Congressman Lance Gooden recently criticized the US government’s probe into Adani Group companies, calling it a move that could harm America’s global alliances.

Adani Group stocks rallied strongly on January 16, with Adani Power leading at a 9% increase to ₹599.90. Adani Green Energy jumped 8.8%, Adani Enterprises rose 7.7%, and Adani Total Gas gained 7%. Other group companies, including Adani Energy Solutions, Adani Ports, and Ambuja Cement, saw similar gains, signaling investor confidence after prolonged turbulence.

Hindenburg’s initial allegations in 2022 accused the Adani Group of financial mismanagement, leading to significant market losses. The group consistently denied the accusations, describing them as “calculated attacks on India.” The Supreme Court of India later cleared the conglomerate, with experts labeling the claims baseless.

In August 2024, Hindenburg renewed its assault with “recycled claims,” which Adani Group swiftly dismissed. Speaking about the controversy, Gautam Adani said it was "a dual assault targeting our financial stability and pulling us into a political storm."

Hindenburg also targeted Indian markets regulator chief Madhavi Puri Buch and her family, which Buch called an “attempt at character assassination.”