Adani Group shares rise as much as 9% after Hindenburg Research announces shutdown

Adani Power rose the most among all the other companies of the group by as much as 9.2% or close to ₹600 per share

Updated on: Jan 16, 2025, 13:53:05 IST

By HT News Desk

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Adani stocks rose as much as 9% during the trading session on Thursday, January 16, 2025, after Hindenburg Research LLC, the US-based short selling firm behind the reports against the conglomerate announced it was going to be shut down.

The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, November 21, 2024. (Amit Dave/Reuters)

The firm's founder Nathan Anderson announced its closure on January 15, stating in a post that he intends to focus on his personal life more and views Hindenburg “as a chapter in my life, not a central thing that defines me.”

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“Nearly 100 individuals have been charged civilly or criminally by regulators at least in part through our work, including billionaires and oligarchs,” he wrote. “We shook some empires that we felt needed shaking.”

Adani Power rose the most among all the other companies of the group by as much as 9.2% or close to ₹600 per share.

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Similarly, the flagship Adani Enterprises saw its shares rising by 7.7%, Adani Green Energy rose as much as 8.8%, Adani Total Gas rose 7.1%, Adani Energy Solutions rose 6.6%, Adani Ports and Special Economic Zone rose 5.4%, Ambuja Cements gained 4.5%, ACC gained 4.1%, and NDTV gained 7%.

Hindeburg Research had alleged the Adani Group of engaging in accounting fraud schemes, stock manipulation worth nearly ₹18 trillion ($ 218 billion), using shell entities in tax havens to facilitate corruption and money laundering, and siphoning funds.

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The firm later accused SEBI chairperson Madhabi Puri Buch as having a conflict of interest in the Adani matter due to her previous investments in the group.

Both the Adani Group and Buch denied the reports.

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HT News Desk
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