Adani Group stocks rally amid US short-seller Hindenburg Research disbandment; Adani Power surges over 9%

Adani Group shares, including Adani Enterprises, Adani Power, Adani Ports & SEZ, and Adani Green Energy, advanced on Thursday, January 16, after the announcement of the closure of US-based short-seller Hindenburg Research, which caused a meltdown in the group shares last year after an adverse report.

Adani Group stocks are on the rise for the second straight day. Most Adani Group companies rallied up to 19% on Wednesday following market buzz that group chairman Gautam Adani might get a clean chit in the bribery case.

Adani Enterprises, the group flagship, spurted more than 7% to hit a high of ₹2,570 per share on NSE in early deals on Thursday. The stock later pared gains to trade 1.55% higher at ₹2,424 per share.

Shares of Adani Power surged 9.21%, Adani Green Energy soared 8.86%, Adani Enterprises climbed 7.72%, Adani Total Gas jumped 7.10%, NDTV rallied 7% and Adani Energy Solutions advanced 6.63% on the NSE.

Hindenburg Research announces closure

The short seller’s founder, Nate Anderson, announced the disbandment, stating that he planned to spend time with family and invest in low-stress investments.

"There is not one specific thing—no particular threat, no health issue, and no big personal issue," Anderson stated.

The disbandment announcement came days after a Republican Congressman moved a request for preserving documents linked to the probe involving billionaire Gautam Adani and his group companies. Adani Group faced sharp erosion in market valuation following the damning reports by Hindenburg Research accusing Gautam Adani and group companies of market manipulation and accounting fraud. However, the conglomerate has rejected all the charges and its shares have recovered almost all the losses.