On Thursday, January 16, Adani Group stocks jumped as much as 9% when Hindenburg Research, a US research firm notorious for its short-selling practices, was shut down. Adani Green Energy’s shares surged 8.8% to Rs 1,126.80, while Adani Power’s shares surged 9% to the day’s high of Rs 599.90 on the BSE. Adani Total Gas experienced significant gains, rising 7% to Rs 708.45, while Adani Enterprises saw a 7.7% increase to Rs 2,569.85.

Adani Power increased 9.21 percent, Adani Green Energy increased 8.86 percent, Adani Total Gas increased 7.10 percent, and Adani Energy Solutions increased 6.63 percent. Adani Ports’ shares rose 5.48 percent, Ambuja Cements’ gained 4.55%, ACC’s rose 4.14 percent, Sanghi Industries’ jumped 3.77 percent, and Adani Wilmar’s soared 0.54%.

HINDENBURG RESEARCH

The surge in Adani Group equities follows the formal announcement of Hindenburg Researchs’ closure made by Nate Anderson, the founder of the company. The choice, according to Anderson, was a component of a long-term strategy to shut down operations after their investigative projects—including ones aimed at Ponzi schemes—were over.

The market value of the company fell precipitously after Hindenburg Research released a damning study in January 2023 accusing the Adani Group of financial misdeeds. Even though Adani Group has vehemently refuted the accusations, traders and investors will never forget the consequences of the Hindenburgs report.

About Adani Group

Ten publicly traded companies are part of the broad portfolio of the Adani Group, a major conglomerate in India. In India, it is well-known in the energy utility and transportation logistics industries. Since its founding in 1988, the organization has developed into a significant force in infrastructure development, bringing its activities into compliance with international norms. Being India’s sole infrastructure investment-grade issuer highlights its dominance in its primary markets.