New Delhi [India]: The Bharatiya Janata Party (BJP) on Thursday strongly criticized Hindenburg Research after the US-based short-seller firm announced it would shut down its operations. BJP leaders accused the firm of orchestrating an attack on India’s economic strength through its controversial reports.
BJP spokesperson Shehzad Poonawalla claimed that Hindenburg’s reports were “supari” (commissioned) attempts aimed at destabilizing India’s growing economic power. He described the firm’s actions as “economic anarchism” and “economic terrorism.” Poonawalla also questioned Congress leader Rahul Gandhi about his alleged connections to Hindenburg.
“Hindenburg’s report was a sponsored, orchestrated and manipulated act of economic terrorism against India’s rising economic power. Rahul Gandhi, your international alliance partner Hindenburg has shut its shop, now when will you stop your propaganda against India? What is your relationship with Hindenburg? Was it a Soros-sponsored report? Congress must clarify and apologize,” Poonawalla said. He accused Congress and its ecosystem of being “anti-national.”
Amit Malviya Questions Timing of Shutdown
Amit Malviya, another BJP leader, also weighed in on Hindenburg’s decision to disband. Malviya pointed out that the move came amidst an investigation by the US Department of Justice into Hindenburg’s operations.
In a post on X, Malviya said, “Hindenburg Research’s decision to disband comes as little surprise, coinciding with the Trump administration’s transition into office. As the US Department of Justice plans to investigate the firm’s operations, it’s worth reflecting on how Rahul Gandhi and the Congress party relied on Hindenburg’s reports.”
He also criticized Congress for basing its political actions on Hindenburg’s findings, accusing the party of aligning with the firm’s “sinister agenda” and targeting India’s stock market, which has a large number of retail investors.
Background of Hindenburg’s Controversial Report
Hindenburg Research made headlines in January 2023 when it published a report accusing the Adani Group of financial irregularities, leading to a massive drop in the company’s stock prices. Gautam Adani, Chairman of the Adani Group, rejected these claims, calling them baseless.
In June 2023, at the Annual General Meeting of Adani Enterprises, Adani addressed the accusations, stating, “We were faced with baseless accusations made by a foreign short-seller that questioned our decades of hard work. In the face of an unprecedented attack on our integrity and reputation, we fought back and proved that no challenge could weaken the foundations on which our Group has been established.”
Hindenburg’s Closure
The founder of Hindenburg Research, Nate Anderson, confirmed the closure of the firm on Thursday. Anderson stated that the decision was not prompted by external threats or personal health issues but by his desire to step back from the intensity of the firm’s investigative work and focus on other life pursuits.
The firm’s decision to shut down follows its controversial role in the Adani saga, with many accusing Hindenburg of targeting India’s economic stability for short-selling gains. As BJP continues to challenge Congress’s alleged support for Hindenburg’s activities, the political ramifications of these events remain significant.