PM [1]
Rank : Helper
Status : Super Owner
#1
Adani group stocks rallied on Thursday morning after Hindenburg Research, a US investment research firm known for short-selling, and whose reports resulted in wiping out billions of dollars of Indian billionaire Gautam Adani and his companies, has been shut down.
Shares of Adani Power surged 9.21 per cent, Adani Green Energy soared 8.86 per cent, Adani Enterprises climbed 7.72 per cent, Adani Total Gas jumped 7.10 per cent, News Agency rallied 7 per cent and Adani Energy Solutions advanced 6.63 per cent on the BSE.
The stock of Adani Ports climbed 5.48 per cent, Ambuja Cements jumped 4.55 per cent, ACC shot-up by 4.14 per cent, Sanghi Industries (3.74 per cent) and Adani Wilmar (0.54 per cent).
Hindenburg Research has been shut down, its founder Nate Anderson announced Wednesday.
"As I've shared with family, friends and our team since late last year, 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. And as of the last Ponzi cases we just completed and are sharing with regulators, that day is today,” Anderson announced.
In the last few years, Hindenburg Research had launched a campaign against the Adani group. Its reports published since 2023 had resulted in billions of dollars of loss for the Indian billionaire. All the charges were denied by Adani and his companies.
Anderson did not give a specific reason for disbanding his organization, which is less than a week before the end of the four-year term of the Biden Administration and the swearing-in of Donald Trump as the 47th President of the United States on January 20.
(Except for the headline, this story has not been edited by News Agency staff and is published from a syndicated feed.)