Shares of Adani Enterprises Ltd, the flagship company of Gautam Adani’s group, have fully recovered more than $30 billion in losses incurred after a short-seller report was released in early 2023.
The stock rebounded as the conglomerate reduced its debt and secured major projects, helping it bounce back after US-based Hindenburg Research accused the group of widespread corporate malfeasance and share-price manipulation in January 2023.
Adani Enterprises has consistently denied these allegations.
On Friday, Adani Enterprises' stock rose 1.7% to 3,445.05 and has nearly tripled since its decline in February 2023.
Analysts expect the stock to be included in the benchmark S&P BSE Sensex Index in June, which could attract passive investment flows.
In addition to Adani Enterprises, at least five of the 10 listed Adani group stocks are trading above the levels seen before the Hindenburg report.
The Adani Group is also engaging with global investors to raise fresh debt as it continues to expand its cement and copper businesses.
The fallout from the allegations led Adani Enterprises to cancel its ₹20,000 crore Follow- on public offer, which would have been the largest in India's history.
Since the report, the group has received strong support from analysts and foreign investors.
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