MUMBAI — Adani Group stocks have recovered the losses triggered by Hindenburg Research’s 2023 short-seller report, with the conglomerate’s combined market value nearing Rs 19 trillion amid stronger investor sentiment and easing regulatory concerns.
The nine listed companies of the Gautam Adani-led group have staged a sharp rebound, with their combined market capitalization crossing Rs 19 trillion, or nearly $199 billion, on Wednesday.
The recovery marks a major turnaround for the ports-to-power conglomerate after roughly $150 billion in market value was wiped out following Hindenburg’s allegations of corporate misconduct in 2023.
All nine listed Adani Group stocks closed higher Wednesday. Adani Total Gas led the gains with a 13% rally.
Adani Power continued its strong run and has gained nearly 75% so far this year. The company has become the group’s most valuable listed entity, with a market capitalization of more than $50 billion.
Adani Enterprises, the group’s flagship company, also advanced during the session.
Gautam Adani and the group have repeatedly denied all allegations made by Hindenburg Research. Regulatory investigations in India have not substantiated the claims made by the U.S.-based short seller.
Investor sentiment also improved after favorable developments in the U.S., including reports that the Department of Justice moved to drop criminal charges against Adani.
Global institutional investors have also increased their exposure to the group in recent months, with firms including Capital Group reportedly expanding investments in Adani companies.
Market analysts said the rally has been supported by expectations for India’s infrastructure growth, manufacturing expansion and clean energy transition. Investors increasingly view Adani Group companies as potential beneficiaries of India’s long-term economic growth. (Source: IANS)
