Adani stocks rally as Hindenburg Research founder announces disband
Adani Group stocks surged on Wednesday following Hindenburg Research founder Nate Anderson’s announcement to wind down his short-seller firm. NDTV led the gains with a 9.17 per cent jump, while Ambuja Cements rose 4.02 per cent and Adani Green advanced 3.76 per cent on the NSE as of 2.20 PM.
Nine out of ten Adani Group stocks traded positively, with only Adani Wilmar showing a marginal decline of 0.69 per cent. Other significant gains included Adani Ports at 2.68 per cent, Adani Power at 2.58 per cent, and Adani Enterprises at 2.39 per cent. Anderson cited personal reasons for the closure, emphasizing there were no specific threats or health issues behind the decision.
The announcement marked a significant turn for the Adani Group, whose stocks faced a severe rout after Hindenburg’s January 2023 report alleging corporate irregularities wiped out over $130 billion in market capitalization. Both SEBI and Supreme Court-mandated investigations into these allegations remained largely inconclusive.
Hindenburg Research, known for targeting companies suspected of corporate fraud and governance issues, had notable successes including exposing Nikola’s founder Trevor Milton, who was later found guilty of wire and securities fraud. The firm’s report on Icahn Enterprises, alleging a Ponzi-like dividend structure, led to a 50 per cent stock decline.
