On the morning of December 5, shares of Adani Group companies witnessed a remarkable surge of up to 17%, spurred by a report revealing that the accusations made by Hindenburg Research against the conglomerate were deemed irrelevant by the US International Development Finance Corp (DFC).
The DFC reportedly conducted a thorough due diligence investigation before granting the conglomerate a substantial $553-million loan for a container terminal project in Sri Lanka, as per a Bloomberg report. While the report is yet to be independently verified by Moneycontrol, a senior US official affirmed that the US government considered Hindenburg Research’s allegations of corporate fraud against Adani inconsequential.
In response to this positive development, flagship Adani Enterprises Ltd experienced a surge of more than 10%, reaching Rs 2,784.30 on the National Stock Exchange. This surge propelled its market capitalization back above the Rs 3 lakh crore mark. The stock has notably surged by 173% from its 52-week low, which was recorded earlier this year following the initial report that accused the group of stock manipulation and other alleged wrongdoings.