‘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 when news broke of Hindenburg Research’s shutdown. “Kitne Ghazi Aaye, Kitne Ghazi Gaye,” he wrote on X, as Adani Group shares rose as much as 9%.

Hindenburg Research, a US-based short seller known for targeting large business entities including the Adan Group, announced its liquidation on Thursday. “I’ve made the decision to disband Hindenburg Research. The project should end after we finish the pipeline of ideas we’ve been working on,” Anderson explained, not because of threats or personal issues.

The move comes days before Donald Trump’s expected inauguration and follows heightened scrutiny by a prominent Republican lawmaker.Representative Lance Gooden recently criticized the US government’s investigation into Adan Group companies, calling it a move that could damage America’s global alliances.

Adani Group shares rose 9% to ₹599.90 on January 16. Adani Green Energy gained 8.8%, Adani Enterprises 7% .7% and Adani Total Gas by 7%.Other group companies including Adani Energy Solutions, Adan Ports and Ambuja Cement saw similar gains, signaling investor confidence after prolonged turbulence.

In 2022, Hindenburg’s initial allegations accused the Adani group of financial mismanagement, which led to significant market losses. The group consistently denied the allegations, describing them as “calculated attacks on India”. India’s Supreme Court later cleared the conglomerate, and experts called the claims baseless.

In August 2024, Hindenburg renewed his attack with “revised demands”, which the Adani Group quickly rejected. Speaking of the controversy, Gautam Adani said it was “a two-pronged attack on our financial stability and taking us into a political storm”.

Hindenburg also targeted Madhavi Puri Bukh, the head of the Indian markets regulator, and his family, in what Bukh called an “attempted character assassination”.