A US short-selling outfit is set to be shut down after it published a report accusing top financial entities in India and overseas of financial misconduct and fraud.

Hindenburg Research founder Nate Anderson announced Wednesday that he will dissolve the company nearly eight years after its founding.

The company making headlines in India in 2023 After publishing explosive reports The incident involving billionaire Gautam Adani's conglomerate has sparked a political row and caused heavy losses for the company.

Mr Anderson did not reveal the specific reasons for his decision but said he hoped to spend more time with friends and family in the future.

The Hindenburg Research Center, founded in 2017, has made a name for itself by exposing alleged financial irregularities at some well-known companies. The company's reporting resulted in billions of dollars in lost market value for businesses in India and abroad.

"Nearly 100 people, including billionaires and oligarchs, have been charged civilly or criminally by regulators at least in part through our work," Anderson wrote in the report. "We've shaken up empires we thought needed shaking up." statement He announced his decision.

In 2020, the company accused electric truck maker Nikola Corp of misleading investors about its technology. In 2022, the company's founder Trevon Milton was convicted of fraud for lying to investors.

In 2023, it issued a report accusing the Adani Group of "blatant stock manipulation and accounting fraud" over decades. Mr Adani and his company have denied the accusations, calling them "malicious" and an "attack on India".

In the days following the release of the report, Adani Group Approximately US$108 billion in market value evaporated But the company's finances have since rebounded.

Last year, Hindenburg Research accused Madhabi Puri Buch, head of markets regulator Sebi, of... Links to offshore funds used by Adani Group. Both Ms. Buch and the Adani family deny any wrongdoing.

The company's accusations have sparked a fierce political debate in the country, with India's main opposition Congress party accusing Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) of failing to take action against Adani Group.

Adani, one of Asia's richest men and considered close to Modi, has long faced accusations from opposition politicians that he benefited from Modi's political connections, which he denies.

In his statement, Mr. Anderson expressed a desire to make Hindenburg's research methods open source in the future.

"Over the next six months or so, I plan to produce a series of materials and videos that open source various aspects of our model and how we conduct our investigations," he wrote.

Short sellers like Hindenburg relied on the findings to place bets on the stocks of companies they believed were involved in fraud or other financial misconduct. The process involves borrowing shares, selling them immediately, and then repurchasing them when their value drops to pocket the difference.