Shares of Adani Group companies surged as much as 7 percent in early trade on January 16 after the US-based short seller, Hindenburg Research whose scathing reports on the conglomerate wiped billions from its value, officially disbanded.
"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," founder Nate Anderson wrote on the Hindenburg website.
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The US short seller gained prominence in India after it published a targeted report on the Adani Group in early 2023, accusing it of “pulling the largest con in corporate history.” The scathing report, accusing the Gautam Adani led-conglomerate of brazen stock manipulation led to sharp selloff in the conglomerate's market value.
However, the group later recovered most of its stock market losses as accusations by the US short seller failed to hold ground. Aside from the Adani Group, the short seller had also targeted the chief of India's market regulator Madhavi Puri Buch and her husband in the recent past.
On those accounts, a closure of the the short seller firm bolstered sentiment for Adani group stocks in trade today. All group stocks glimmered in the green, with Adani Green Energy leading from the front with a nearly 6 percent surge.
Other prominent names like Adani Ports and Adani Power jumped over 4 percent each while Adani Enterprises, Adani Energy Solutions, ACC, Ambuja Cements and NDTV were up 3-4 percent.
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