Shares of Adani Enterprises Ltd., the main company of Indian billionaire Gautam Adani’s group, have fully recovered from the losses caused by a damaging short-seller report in early 2023. This rebound comes after the conglomerate reduced its debt and secured major projects.
The stock had lost over $30 billion after US-based Hindenburg Research accused the group of widespread corporate wrongdoing and share-price manipulation in January 2023. The Adani group has consistently denied these allegations.
On Friday, the flagship’s stock rose 1.7% to ₹3,445.05 in Mumbai, nearly tripling since its lowest point in February 2023. The latest increase is partly due to some analysts expecting Adani Enterprises’ stock to be added to the S&P BSE Sensex Index in June, which could attract more investments.
Other Adani companies are also working with global investors to raise new debt as the group continues to expand its cement and copper businesses. Besides Adani Enterprises, at least five of the 10 listed Adani group stocks are now trading above the levels seen before the Hindenburg report.
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