Hindenburg Research, a US-based short seller founded by Nathan Anderson, will disband after impacting the market values of firms such as Adani Group, Nikola, Block and Clover Health. The firm faced backlash for allegations against various companies.

US-based Hindenburg Research, known for its controversial short-selling practices, is shutting down operations. The closure has raised questions about the firm’s practices, its impact on markets, and the possible reasons behind this sudden move.

Adani Group stocks surged today as Hindenburg Research, the short-selling firm infamous for its critical reports, announced its immediate closure. Hindenburg’s founder, Nate Anderson, cited the completion of their “pipeline of ideas” as the reason for the firm’s shutdown.

Hindenburg Research published reports against Indian conglomerate The short-seller accused Adani Group of using offshore tax havens improperly, which the company denied.

Anderson, who founded Hindenburg in 2017, explained in a post on the company’s website that the decision was prompted by the

Adani group stocks rallied on Thursday after Hindenburg Research, which made international waves with campaigns targeting billionaire Gautam Adani that wiped billions from market value of his group companies,

Since 2017, the year Hindenburg Research was founded, its findings exposed several instances of fraud, corruption, and mismanagement across industries including the market-crashing report on Adani and SEBI.

CNBC's Andrew Ross Sorkin reports on the latest news.

Adani Group stocks, including Adani Power, Adani Green Energy, Adani Enterprises, and Adani Ports, witnessed a notable rally on Thursday, January 16. This surge followed the announcement that US-based short-selling firm Hindenburg Research,

Adani Power rose the most among all the other companies of the group by as much as 9.2% or close to ₹600 per share