The Hindenburg Research Report: An Event Study On Stock Prices of Adani Group of Companies


Priyanka Ghosh


The Hindenburg LLP, USA is renowned for its investment research on various companies. Recently, the firm released a research report on the Adani Group claiming that the Group is involved in the manipulation of stock prices. In this research, the researcher has considered 9 listed companies of the Adani Group to analyze the impact of research reports on stock prices. The researcher also considers the share price of SBI (the largest loan provider to the Group) and LIC (the largest stakeholder of the Group) for the study. To test the framed hypotheses OLS Market Model of Event Study Methodology has been applied. During the study it has been observed that the share price of Adani Total Gas has reduced by 56% followed by Adani Enterprise has reduced by 54%. Among all the Adani Group of Companies, the Share Price of Adani Total Gas has reduced more totaled by approx. 83% by 28th February 2023. Among all 9 listed companies of Adani Group, the research report has less effect on the share price of ACC Ltd. (21.169%) Followed by Adani Power (26.43%) and Adani Wilmar (26.48%). The research also showed that the announcement of the Hindenburg Research Report had a negative impact on the share prices of LIC and SBI, and both companies have failed to create any abnormal returns for their shareholders.


How to Cite
Ghosh, P. (2023). The Hindenburg Research Report: An Event Study On Stock Prices of Adani Group of Companies. SJCC Management Research Review, 13(2), 1–17.


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