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.
Adani Energy Solutions climbed 6.6% to Rs 832.00 during the trading session, while Adani Ports increased by 5.5% to Rs 1,190.
Stocks rallied after the US investment firm Hindenburg Research, which had previously published reports that affected Gautam Adani’s business interests and caused substantial financial losses, announced its closure.
Ambuja Cement shares increased by 4.5% to Rs 542.80, with Adani Wilmar showing a minor 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 initially experienced substantial stock market losses, they recovered most of their market value.
The Adani Group has consistently rejected Hindenburg’s allegations, maintaining its innocence.
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 decided to disband Hindenburg Research.” He indicated that the company intends to conclude operations after completing ongoing investigations, with its final projects focusing on Ponzi schemes.
Anderson’s announcement comes at a notable juncture: shortly after a House Judiciary Committee Republican member formally requested that the Department of Justice maintain all records and correspondence related to the Adani enterprise investigations.
Anderson shuttered Hindenburg Research during a politically crucial period ahead of President Biden’s term conclusion and Donald Trump’s prospective inauguration. The decision was announced without a specific explanation.
