Hindenburg shuts down: Adani Group shares experienced significant gains of up to 9% on Thursday, January 16, with Adani Power leading the surge at Rs 599.90 on BSE. Adani Green Energy saw an 8.8% increase to Rs 1,126.80, whilst Adani Enterprises advanced 7.7% to Rs 2,569.85. Adani Total Gas demonstrated strong performance with a 7% rise to Rs 708.45.
The trading session witnessed Adani Energy Solutions climbing 6.6% to Rs 832.00, alongside Adani Ports which increased by 5.5% to Rs 1,190.
Saif Ali Khan Health Update
The stocks rallied after the US investment firm Hindenburg Research, which had previously published reports affecting Gautam Adani‘s business interests and causing substantial financial losses, announced its closure.
Ambuja Cement shares increased by 4.5% to Rs 542.80, with Adani Wilmar showing a smaller increase of 0.5%.
Throughout 2023, Hindenburg Research’s published reports significantly affected the Adani Group’s financial standing, resulting in considerable market value reduction for Gautam Adani’s enterprises.
Although the group experienced substantial stock market losses initially, they subsequently recovered most of their market value.
The Adani Group has consistently rejected all allegations presented by Hindenburg, maintaining their stance of innocence against the accusations.
In his statement Nate Anderson, the founder of Hindenburg Research said, “As I’ve shared with family, friends, and our team since late last year, I have made the decision to disband Hindenburg Research.” He indicated their intention to conclude operations after completing ongoing investigations, with their final projects focusing on Ponzi schemes.
The announcement by Anderson comes at a notable juncture, shortly following a House Judiciary Committee Republican member’s formal request to the Department of Justice for maintaining all records and correspondence related to the Adani enterprise investigations.
The shuttering of Hindenburg Research by Anderson, whilst occurring during a politically crucial period ahead of President Biden’s term conclusion and Donald Trump’s prospective inauguration, was announced without a specific explanation for the decision.
