Shares of Adani group companies rose and added over $5.9 billion to investor wealth on Thursday, following the shutdown of the short-seller Hindenburg Research, as announced by its founder Nathan Anderson in a farewell note on Wednesday.

What Happened: Around ten listed companies owned by the Indian billionaire Gautam Adani, rose intraday on the Indian exchanges, led by the media company, New Delhi Television Ltd.

While NDTV rose over 13%, Indian cement companies like Ambuja Cements Ltd., and Sanghi Industries Ltd. rose 3.6% and 3.25%, respectively. Adani Green Energy Ltd. was up by 3.47%, whereas Adani Ports & SEZ Ltd. advanced by 2.44%.

The ten listed stocks under the conglomerate experienced significant growth as of Thursday morning, adding $5.9 billion or Rs 51,100.62 crore to investor wealth. This surge resulted in a combined market capitalization of $14.791 billion or Rs 12.79 lakh crore for these stocks, as reported by NDTV Profit.

See Also: From Adani To Nikola: How Hindenburg Research Reshaped Short-Selling Before Its Final Bow

Why It Matters: Hindenburg had launched a scathing report on Adani in 2023, which wiped more than $100 billion in market value of the group’s companies and eventually led to U.S. prosecutors indicting founder Adani for alleged fraud.

The short seller first gained widespread attention in 2020 when it published a report exposing fraud at electric vehicle maker Nikola Corp. ( NKLA ) . This exposé ultimately resulted in a four-year prison sentence for Nikola ( NKLA ) founder Trevor Milton on fraud charges.

The activist hedge fund’s recent targets included Icahn Enterprises ( IEP ) and Block Inc. ( SQ ) . Their final report accused Carvana Company ( CVNA ) of accounting irregularities, which the company denied.

Hindenburg’s shutdown follows a trend of prominent short-sellers like Jim Chanos retiring. Founder Anderson plans to document Hindenburg’s methods, hoping to inspire future market watchdogs.

Read Next:

Jack Dorsey’s Block Eyes Over 39% Upside: BofA Says US-Centric Re-Acceleration Story Will Drive The Stock