Nathan Anderson, the founder of Hindenburg Research, revealed that his firm’s investigation into Adani Group was sparked by red flags reported in the media. Speaking in an interview with PTI, he explained that Hindenburg’s 2023 report, which accused Adani Group of financial manipulation, was based on extensive research triggered by initial concerns found in public reports.

 

“We saw media articles highlighting issues, took a closer look, and kept digging deeper,” Anderson said, emphasizing that he stands by all the findings in Hindenburg’s report.

 

The report had alleged that Adani Group used offshore companies to inflate revenue and manipulate stock prices, leading to a market shock that wiped out over $150 billion from the conglomerate’s value. Adani Group denied all accusations, later recovering losses through strategic debt reduction and new investments.

 

Anderson also dismissed claims linking Hindenburg to foreign influence as “goofy conspiracy theories,” stating that the firm focused solely on independent research.

 

Weeks after announcing the closure of Hindenburg Research, Anderson explained why he didn’t simply hand over leadership to someone else. “Hindenburg is synonymous with me. You can sell a factory or a software company, but research driven by me isn’t something I can just hand off,” he said. However, he hinted that his team might launch a new venture soon.