Research firm behind Adani Group report cites mounting pressure as factor in decision
Hindenburg Research, known for its explosive report on Adani Group’s market practices, has announced its closure, according to founder Nathan Anderson. The firm’s departure from the financial investigation landscape comes after its high-profile examination of one of India’s largest conglomerates.
“We fought against fraud, deception, and corruption in India,” Anderson stated, reflecting on the firm’s work. “The truth came at a considerable cost to our organization.”
Hindenburg’s January 2023 report on Adani Group’s stock market activities led to significant market repercussions, with the conglomerate reportedly losing over $135 billion in market value. The investigation prompted India’s Securities and Exchange Board (SEBI) to launch its own inquiry into the allegations.
The research firm’s report had detailed concerns about Adani Group’s market practices, triggering widespread discussion about corporate governance and market transparency in India’s financial sector.
This development follows a pattern of challenges faced by investigative organizations in India. In February 2023, BBC offices in India faced operational challenges following a documentary release, highlighting the complex environment for investigative entities in the region.
