Mumbai: Shares of companies under the Adani Group have made a remarkable comeback, recovering nearly all the losses triggered by the 2023 report published by US-based short seller Hindenburg Research. The combined market capitalisation of the group’s listed firms is now close to Rs 19 lakh crore, reflecting a strong revival in investor confidence.
The recovery marks a significant turnaround for the conglomerate led by billionaire Gautam Adani, after nearly $150 billion in market value was wiped out following allegations of corporate misconduct made by Hindenburg Research in 2023. The Adani Group had strongly denied all allegations from the beginning.
On Wednesday, all nine listed Adani Group companies ended the trading session in the green. Adani Total Gas emerged as the top gainer with a sharp 13 per cent rise, while Adani Power continued its strong rally and has surged nearly 75 per cent so far this year. Adani Power has now become the group’s most valuable listed company with a market capitalisation of over $50 billion.
The group’s flagship firm, Adani Enterprises, also witnessed gains during the session as investor sentiment continued to improve.
The rebound has been supported by easing regulatory concerns and positive global developments. Reports suggesting that the US Department of Justice may drop criminal charges against Gautam Adani further boosted market confidence. At the same time, global institutional investors, including Capital Group, have reportedly increased their investments in Adani Group companies in recent months.
Market experts believe the rally in Adani stocks is being driven by India’s long-term infrastructure expansion, manufacturing growth and clean energy transition. Investors are increasingly viewing Adani Group companies as major beneficiaries of the country’s broader economic growth story.
WIth inputs from IANS