"Adani Group stocks rise up to 5% after Hindenburg shuts down operations; Adani Ent, Adani Power, and Adani Ports are the top gainers."
"Adani Group stocks rise up to 5% after Hindenburg shuts down operations; Adani Ent, Adani Power, and Adani Ports are the top gainers."
"Adani Group stocks surged over 5% on Thursday after Hindenburg Research, the short-seller behind the $100 billion Adani Group shares sell-off, shut down its operations.
Among the Adani Group stocks, Adani Enterprises, Adani Green Energy, and Adani Power shares rose by 5.5% each, while Adani Ports & SEZ, Adani Energy Solutions, and Adani Total Gas shares gained over 4% each. Ambuja Cement, ACC, and NDTV also saw increases of up to 4% in early trade on January 16. Meanwhile, Adani Wilmar shares remained flat.
Hindenburg Research DisbandsThe US-based Hindenburg Research is being "disbanded," according to its founder, Nathan Anderson.
"As I’ve shared with family, friends, and our team since late last year, I have made the decision to disband Hindenburg Research," Anderson wrote in a note."
"Hindenburg Research published reports against the Indian conglomerate in 2023, accusing Adani Group of improperly using offshore tax havens, a charge that the company denied."
"In November, US prosecutors announced that Adani Group Chairman Gautam Adani had been indicted in New York over his alleged involvement in a multibillion-dollar bribery and fraud scheme.
Hindenburg Research’s closure comes days after a Republican Congressman requested the Department of Justice to preserve documents related to the Adani investigations.
Anderson, who founded Hindenburg in 2017, stated that the plan was to wind up the firm after 'we finished the pipeline of ideas we were working on.' He cited the toll of the 'rather intense, and at times, all-encompassing' nature of the work as the reason for his decision, in a website post published on Wednesday."
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