Adani Group Stocks in Focus as Hindenburg Research Shuts Down Operations

Hindenburg Research, the US-based short-seller known for its 2023 report targeting Adani Group, is closing its operations. Founder Nathan Anderson announced the decision, citing the intense and all-encompassing nature of the work. Anderson said the plan to disband the firm was made after completing their pipeline of ideas.

Hindenburg gained global attention for accusing the Adani Group of stock manipulation and improper use of offshore tax havens, allegations the Adani Group strongly denied. The closure comes shortly after US prosecutors indicted Adani Group Chairman Gautam Adani for his alleged role in a bribery and fraud scheme.

Adani Stocks in Focus

Following Hindenburg’s closure, Adani Group stocks are expected to be closely watched. The group’s major companies, including Adani Enterprises, Adani Ports, Adani Power, and Adani Green Energy, saw gains on Wednesday, with some stocks rising over 2%. Investors will keep an eye on these stocks in light of the recent developments.

Timeline of the Adani-Hindenburg Saga

1. January 2023: Hindenburg accused Adani Group of fraud, stock manipulation, and money laundering, leading to a sharp decline in Adani’s market value.
   
2. February 2023: Adani Enterprises withdrew its ₹20,000 crore FPO despite a successful closure.
   
3. March 2023: India’s Supreme Court formed a panel to investigate the stock crash caused by Hindenburg’s allegations.
   
4. May 2023: The Supreme Court panel reported no evidence of manipulation in Adani companies.
   
5. August 2023: SEBI stated most of its investigations into the Adani-Hindenburg allegations were complete.
   
6. January 2024: The Supreme Court gave SEBI 3 more months to finish its probe, declining to involve the CBI.
   
7. July 2024: Hindenburg revealed a SEBI notice alleging regulatory violations involving Kotak Bank in the case.
   
8. August 2024: Hindenburg accused SEBI Chairperson Madhabi Puri Buch of a conflict of interest, claims denied by Buch and her husband.

Adani’s Group Stocks Market Movement

On January 16, Adani Energy Solutions shares increased by 2.42% to ₹799.00, Adani Wilmar shares gained 0.16% to ₹274.10, while Adani Total Gas shares declined 3.94% to ₹688.35 as of 09:55 AM on NSE.

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