Adani group stocks rallied on Thursday morning after Hindenburg Research, a US investment research firm known for short-selling, and whose reports resulted in wiping out billions of dollars of Indian billionaire Gautam Adani and his companies, has been shut down.
Shares of Adani Power surged 9.21 per cent, Adani Green Energy soared 8.86 per cent, Adani Enterprises climbed 7.72 per cent, Adani Total Gas jumped 7.10 per cent, NDTV rallied 7 per cent and Adani Energy Solutions advanced 6.63 per cent on the BSE.
The stock of Adani Ports climbed 5.48 per cent, Ambuja Cements jumped 4.55 per cent, ACC shot-up by 4.14 per cent, Sanghi Industries (3.74 per cent) and Adani Wilmar (0.54 per cent).
Hindenburg Research has been shut down, its founder Nate Anderson announced Wednesday.
“As I’ve shared with family, friends and our team since late last year, 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. And as of the last Ponzi cases we just completed and are sharing with regulators, that day is today,” Anderson announced.