- By Aditya Pratap Singh
- Thu, 16 Jan 2025 10:47 AM (IST)
- Source:JND
Nate Anderson Hindenburg: Hindenburg Research, a US-based short seller that gained popularity in India after a scathing report on Indian conglomerate Adani Group, has officially shut down its operations. Following the development, shares of Adani Group companies rose as much as 7 percent in early trade on Thursday. Adani Group has suffered heavy losses and faced criticism in India and abroad following the Hindenburg news.
"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," Nate Anderson, the Founder, said on the Hindenburg website.
Adani Group Stock Today
The decision by the short seller firm on those accounts has strengthened sentiment for Adani Group shares in early trade today.
- Adani Green Energy Share Price- Adani Green Energy was leading the among Adani group stocks with a gain of about 6 percent.
- The shares of Adani Port and Adani Power rose around 4 percent each in early trade.
- Menawhile, share price of Adani Enterprises, Adani Energy Solutions, Ambuja Cement, ACC, and NDTV were trading in range of 3-4 percent gain.
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Hindenburg released a report on the Adani Group in 2023
In early 2023, the Us based short seller gained popularity in India after it released a targeted report accusing the Adani Group and its chairman Gautam Adani of being involved in the one of the largest fraud in corporate history. The scathing report, which accused the Gautam Adani-led conglomerate of engaging in shameful stock manipulation, led to a sharp sell-off in the conglomerate’s market value.
However, the group later recovered most of its stock market losses after failing to counter the American short seller’s allegations. Apart from the Adani Group, the short seller recently also targeted Madhavi Puri Buch, the chairman of India’s Markets Regulatory Authority, and her husband in a fresh report.