Adani Group stocks were up on Thursday, 16 January 2025 after Hindenburg Research, a short-selling company well-known for its research against the Adani Group declared that it had ceased operations, the company’s stocks surged up to 9% intraday.
On the stock exchanges, Adani Power’s share price rose by 9.2% to Rs 599.9 per share, Adani Green Energy climbed 8.8% to Rs 1,126.8 per share, Adani Enterprises advanced 7.7% intraday to Rs 2,569.85 per share, Adani Total Gas increased 7.1% to Rs 708.45 per share, Adani Energy Solutions gained 6.6% to Rs 832 per share, and Adani Ports grew 5.4% to Rs 1,190 per share.
Furthermore, the share prices of ACC, Ambuja Cements, and NDTV rose 4.1%, 4.5%, and 7%, respectively, to Rs 2,054 per share, Rs 542.9 per share, and Rs 157.9 per share, respectively.
In a social media post on “X,” formerly Twitter, Hindenburg Research founder Nate Anderson declared his intention to disband the business.
Anderson announced in a blog post shared on X, “The plan has been to wind up after we finish the pipeline of ideas we were working on. And, as of the last Ponzi cases, we just completed and are sharing with regulators.”
He went on to say that no single element, danger, medical condition, or important personal matter drove the decision.
Anderson added, “Someone once told me that at a certain point, a successful career becomes a selfish act. Early on, I felt I needed to prove some things to myself. I have, now, finally found some comfort with myself, probably for the first time in my life.”
I probably could have had it all along if I had let myself, but I had to endure a little suffering first. The intensity and attention have caused me to miss a lot of the outside world and the people I care about. However, he added, “I now see Hindenburg as a chapter in my life, not a central thing that defines me.”
Notably, in January 2023, Hindenburg Research initiated vicious attacks against Adani group companies, claiming that the group had participated in decades of “accounting fraud schemes” and “stock manipulation” worth about Rs 18 trillion ($218 billion).
According to the US-based short-seller firm, the Adani family controlled offshore shell companies in tax havens such as the United Arab Emirates, Mauritius, and the Caribbean to syphon off money from the group’s listed companies and enable corruption, money laundering, and taxpayer theft.
The Securities and Exchange Board of India, or Sebi, is the market watchdog that has completed 22 of the 24 investigations into the Adani-Hindenburg case. Additionally, the market watchdog has sent show-cause notices to Hindenburg and a business in the Adani group. However, no order on the matter has been issued as of yet.
Hindenburg Research later accused Madhabi Puri Buch, the head of Sebi, of having a conflict of interest in the Adani issue due to her previous affiliation with the firm.
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