Shares of Adani Group companies experienced a rise of up to 7 percent in early trading on January 16, following the official disbandment of Hindenburg Research, a US-based short seller known for its critical reports that had previously resulted in significant losses for the conglomerate.
Nate Anderson, the founder of Hindenburg, announced on the company's website, "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.
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Hindenburg Research gained notoriety in India after releasing a focused report on the Adani Group in early 2023, alleging that the conglomerate was involved in "pulling the largest con in corporate history."
This harsh critique, which accused the Gautam Adani-led group of blatant stock manipulation, triggered a substantial decline in the conglomerate's market value.
The group subsequently regained a significant portion of its stock market losses as the allegations made by the US short seller did not prove to be substantiated. In addition to the Adani Group, the short seller had previously focused on Madhavi Puri Buch, the head of India's market regulator, and her spouse.
