Hindenburg announcement sparks rally in Adani stocks
Adani group stocks rallied on Thursday after Hindenburg Research, which made international waves with campaigns targeting billionaire Gautam Adani, founder Nate Anderson announced its shutdown.
Shares of NDTV rose by 9.15%, Ambuja Cements jumped 3.88%, Adani Green Energy rallied 3.35%, Sanghi Industries climbed 3.34% and Adani Power went up by 2.45% on the BSE.
The stock of Adani Ports advanced 2.03%, Adani Total Gas (1.78%), Adani Enterprises (1.74%), Adani Energy Solutions (1.54%) and ACC (0.77%). Shares of Adani Wilmar, however, declined by 1.19%.
The combined market valuation of all 11 group firms stood at Rs 12.92 lakh crore. The announcement comes days before Donald Trump’s inauguration as the new President of the United States.
Anderson cited the toll of “rather intense” nature of the work as the reason for his decision, but critics were quick to link the move with Hindenburg’s alleged ties with George Soros.
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