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Adani stocks regain half of losses from Hindenburg report fallout

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Adani stocks regain half of losses from Hindenburg report fallout

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Indian tycoon Gautam Adani’s listed businesses have regained $46bn in market capitalisation over the past month, representing nearly half the losses incurred after Hindenburg Research released a damaging short-seller report almost a year ago.

The sprawling infrastructure conglomerate has been rebuilding its stock market value after the report in January last year accused Adani of accounting fraud and stock market manipulation.

The allegations plunged the group into a public relations crisis, forced it to call off a $2.4bn share sale and wiped as much as $150bn from its market capitalisation despite Adani’s strong denials.

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India’s political opposition also seized on the report to attack Prime Minister Narendra Modi, widely perceived to be close to Adani. The billionaire denies benefiting from any personal connection with Modi but says the group aligns itself with the Indian government’s development priorities.

Following a brief recovery rally in March, the market capitalisation of Adani’s 10 listed companies has languished at about Rs10tn ($120bn) for most of the year, roughly half their value prior to Hindenburg’s report.

But since November 24, the stocks have posted average gains of 36 per cent, delivering a recovery of Rs3.8tn in market value and paring overall losses for 2023 to about 25 per cent.

Most of the gains came after a decision on November 24 by the Securities and Exchange Board of India not to request more time for its probe into Adani businesses from India’s Supreme Court, with one official telling justices the regulator had finished investigating all but two of two dozen cases related to the group.

An Asia-based equities analyst at one large European asset manager said the regulator’s decision was “not quite a clean bill of health, but Sebi at least declined to say anything was off after looking into the accusations that were levelled against Adani”.

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He added that the market value of the group’s listed companies was unlikely to fully recover from the short-seller report “because the unwelcome publicity from Hindenburg has probably highlighted to even retail investors how richly valued some of these companies were”.

The gains for Adani stocks follow a broader rally for India’s stock market, with the country’s benchmark Nifty 50 index up 20 per cent over the past year. Sentiment towards the group’s listings was also buoyed in early November, when the US government announced it was lending $553mn to an Adani-led container terminal development project in Sri Lanka.

As its share prices tumbled in the weeks following the short-seller report, Adani moved to reassure its bankers by paying off more than $2bn in share-backed loans that had been taken by the Adani family. It launched a bond buyback at its ports unit and found a new investor — US-based firm GQG — which initially bought $1.9bn worth of stock in March.

“They needed a few billion dollars on a personal level to pay off those loans,” said Samir Arora, founder and fund manager of Helios Capital, who has also invested in Adani stocks. “To get $2bn-$3bn was not an issue and then of course GQG came and solved it for them.”

Workers walk past a coal port at Mundra in the western Indian state of Gujarat
Adani’s conglomerate operates coal plants and renewable energy projects © Amit Dave/Reuters

Adani has insisted the Hindenburg report has not changed operations at his companies, which include ports, airports, cement processors, data centres and even apple farms.

“After the first few days of confusion and market volatility, life inside the organisation continued as normal,” said an Adani executive who asked not to be named. “There was never any cost-cutting that happened. We have only hired more people.

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“The first thing he [Adani] did was that he called all the business CEOs and said that they could focus on the businesses and he will take care of the market noise,” the executive added.

The group has pointed to its financial performance as proof that Hindenburg’s attack has not harmed its operating business. The company said its earnings grew by 47 per cent — its best performance — in the first six months of India’s financial year, which begins in April.

The group has also brought its net debt down to 2.5 times its annual earnings, compared with 3.3 times before the short-seller report.

Adani has sold some assets, including shares in his businesses, with one deal involving the sale of shadow bank Adani Capital to US private equity group Bain Capital.

However, the group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS.

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Video: Gautam Adani: the billionaire vs the short seller

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National Park Service will void passes with stickers over Trump’s face

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National Park Service will void passes with stickers over Trump’s face

The Interior Department’s new “America the Beautiful” annual pass for U.S. national parks.

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The National Park Service has updated its policy to discourage visitors from defacing a picture of President Trump on this year’s pass.

The use of an image of Trump on the 2026 pass — rather than the usual picture of nature — has sparked a backlash, sticker protests, and a lawsuit from a conservation group.

The $80 annual America the Beautiful pass gives visitors access to more than 2,000 federal recreation sites. Since 2004, the pass has typically showcased sweeping landscapes or iconic wildlife, selected through a public photo contest. Past winners have featured places like Arches National Park in Utah and images of bison roaming the plains.

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Instead, of a picture of nature, this year’s design shows side-by-side portraits of Presidents George Washington and Trump. The new design has drawn criticism from parkgoers and ignited a wave of “do-it-yourself” resistance.

Photos circulating online show that many national park cardholders have covered the image of Trump’s face with stickers of wildlife, landscapes, and yellow smiley faces, while some have completely blocked out the whole card. The backlash has also inspired a growing sticker campaign.

Jenny McCarty, a longtime park volunteer and graphic designer, began selling custom stickers meant to fit directly over Trump’s face — with 100% of proceeds going to conservation nonprofits. “We made our first donation of $16,000 in December,” McCarty said. “The power of community is incredible.”

McCarty says the sticker movement is less about politics and more about preserving the neutrality of public lands. “The Interior’s new guidance only shows they continue to disregard how strongly people feel about keeping politics out of national parks,” she said.

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The National Park Service card policy was updated this week to say that passes may no longer be valid if they’ve been “defaced or altered.” The change, which was revealed in an internal email to National Park Service staff obtained by SFGATE, comes just as the sticker movement has gained traction across social media.

In a statement to NPR, the Interior Department said there was no new policy. Interagency passes have always been void if altered, as stated on the card itself. The agency said the recent update was meant to clarify that rule and help staff deal with confusion from visitors.

The Park Service has long said passes can be voided if the signature strip is altered, but the updated guidance now explicitly includes stickers or markings on the front of the card.

It will be left to the discretion of park service officials to determine whether a pass has been “defaced” or not. The update means park officials now have the leeway to reject a pass if a sticker leaves behind residue, even if the image underneath is intact.

In December, conservation group the Center for Biological Diversity filed a lawsuit in Washington, D.C., opposing the new pass design.

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The group argues that the image violates a federal requirement that the annual America the Beautiful pass display a winning photograph from a national parks photo contest. The 2026 winning image was a picture of Glacier National Park.

“This is part of a larger pattern of Trump branding government materials with his name and image,” Kierán Suckling, the executive director of the Center for Biological Diversity, told NPR. “But this kind of cartoonish authoritarianism won’t fly in the United States.”

The lawsuit asks a federal court to pull the current pass design and replace it with the original contest winner — the Glacier National Park image. It also seeks to block the government from featuring a president’s face on future passes.

The America the Beautiful National Parks Annual Pass for 2025, showing one of the natural images which used to adorn the pass. Its picture, of a Roseate Spoonbill taken at Everglades National Park, was taken by Michael Zheng.

The America the Beautiful National Parks Annual Pass for 2025, showing one of the natural images which used to adorn the pass. Its picture, of a Roseate Spoonbill taken at Everglades National Park, was taken by Michael Zheng.

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Not everyone sees a problem with the new design. Vince Vanata, the GOP chairman of Park County, Wyoming, told the Cowboy State Daily that Trump detractors should “suck it up” and accept the park passes, saying they are a fitting tribute to America’s 250th birthday this July 4.

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“The 250th anniversary of our country only comes once. This pass is showing the first president of the United States and the current president of the United States,” Vanata said.

But for many longtime visitors, the backlash goes beyond design.

Erin Quinn Gery, who buys an annual pass each year, compared the image to “a mug shot slapped onto natural beauty.”

She also likened the decision to self-glorification: “It’s akin to throwing yourself a parade or putting yourself on currency,” she said. “Let someone else tell you you’re great — or worth celebrating and commemorating.”

When asked if she plans to remove her protest sticker, Gery replied: “I’ll take the sticker off my pass after Trump takes his name off the Kennedy Center.”

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Federal immigration agents shoot 2 people in Portland, Oregon, police say

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Federal immigration agents shoot 2 people in Portland, Oregon, police say

PORTLAND, Ore. (AP) — Federal immigration officers shot and wounded two people in a vehicle outside a hospital in Portland, Oregon, on Thursday, a day after an officer shot and killed a driver in Minnesota, authorities said.

The Department of Homeland Security described the vehicle’s passenger as “a Venezuelan illegal alien affiliated with the transnational Tren de Aragua prostitution ring” who had been involved in a recent shooting in Portland. When agents identified themselves to the vehicle occupants Thursday afternoon, the driver tried to run them over, the department said in a written statement.

“Fearing for his life and safety, an agent fired a defensive shot,” the statement said. “The driver drove off with the passenger, fleeing the scene.”

There was no immediate independent corroboration of those events or of any gang affiliation of the vehicle’s occupants. During prior shootings involving agents involved in President Donald Trump’s surge of immigration enforcement in U.S. cities, including Wednesday’s shooting by an Immigration and Customs Enforcement officer in Minneapolis, video evidence cast doubt on the administration’s initial descriptions of what prompted the shootings.

READ MORE: What we know so far about the ICE shooting in Minneapolis

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According to the the Portland Police bureau, officers initially responded to a report of a shooting near a hospital at about 2:18 p.m.

A few minutes later, police received information that a man who had been shot was asking for help in a residential area a couple of miles away. Officers then responded there and found the two people with apparent gunshot wounds. Officers determined they were injured in the shooting with federal agents, police said.

Their conditions were not immediately known. Council President Elana Pirtle-Guiney said during a Portland city council meeting that Thursday’s shooting took place in the eastern part of the city and that two Portlanders were wounded.

“As far as we know both of these individuals are still alive and we are hoping for more positive updates throughout the afternoon,” she said.

The shooting escalates tensions in an city that has long had a contentious relationship with President Donald Trump, including Trump’s recent, failed effort to deploy National Guard troops in the city.

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Portland police secured both the scene of the shooting and the area where the wounded people were found pending investigation.

“We are still in the early stages of this incident,” said Chief Bob Day. “We understand the heightened emotion and tension many are feeling in the wake of the shooting in Minneapolis, but I am asking the community to remain calm as we work to learn more.”

Portland Mayor Keith Wilson and the city council called on U.S. Immigration and Customs Enforcement to end all operations in Oregon’s largest city until a full investigation is completed.

“We stand united as elected officials in saying that we cannot sit by while constitutional protections erode and bloodshed mounts,” a joint statement said. “Portland is not a ‘training ground’ for militarized agents, and the ‘full force’ threatened by the administration has deadly consequences.”

The city officials said “federal militarization undermines effective, community‑based public safety, and it runs counter to the values that define our region. We’ll use every legal and legislative tool available to protect our residents’ civil and human rights.”

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They urged residents to show up with “calm and purpose during this difficult time.”

“We respond with clarity, unity, and a commitment to justice,” the statement said. “We must stand together to protect Portland.”

U.S. Sen. Jeff Merkley, an Oregon Democrat, urged any protesters to remain peaceful.

“Trump wants to generate riots,” he said in a post on the X social media platform. “Don’t take the bait.”

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Video: What Trump Told Us About the ICE Shooting

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Video: What Trump Told Us About the ICE Shooting

new video loaded: What Trump Told Us About the ICE Shooting

The New York Times sat down with President Trump in the Oval Office for an exclusive interview just hours after an Immigration and Customs Enforcement agent shot a 37-year-old woman in Minneapolis. Our White House correspondent Zolan Kanno-Youngs explains how the president reacted to the shooting.

By Zolan Kanno-Youngs, Alexandra Ostasiewicz, Nikolay Nikolov and Coleman Lowndes

January 8, 2026

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