Adani Group Stocks Surge After US Rejects Hindenburg Report

The US government concluded that short-seller Hindenburg Research's allegations of corporate fraud against billionaire Gautam Adani weren't relevant before extending his conglomerate as much as $553 million for a container terminal in Sri Lanka, a senior US official said. Some of the group firms hit their 52-week highs and locked in upper circuit levels, with the total valuation of group companies reaching near the Rs 14 lakh crore mark at close. The Adani Group has denied the allegations featured in the Hindenburg report, including stock-price manipulation.