Adani Group up 7% Following Hindenburg’s Disbandment

Shares of Adani Group surged close to 7% in the early morning trade on January 16, after US short seller Hindenburg Research disbanded its operations. The research firm was responsible for publishing scathing reports that wiped out billions of dollars from the market cap of the business conglomerate.

Nate Anderson wrote on the Hindenburg website, “I have made the decision to disband Hindenburg Research. The plan has been to wind up after we finished the pipeline of ideas we were working on.”

In early 2023, Hindenburg Research came to limelight after it published targeted reports on Adani Group, accusing it of manipulating stocks that in turn led to heightened selloff in the conglomerate’s shares.

However, the group has recovered most of its losses as the accusations by the US short seller failed to hold ground. It has also targeted SEBI chairperson Madhavi Puri Buch and her husband in the recent past.

Notably, all Adani group shares were trading in green with Adani Green Energy leading the pack reporting gains of nearly 6%.

While Adani Ports and Adani Power jumped over 4% each, Adani Enterprises, Adani Energy Solutions, ACC, Ambuja Cements and NDTV surged by 3-4%.