Adani Enterprises stock recovers $30 billion lost after Hindenburg report

Adani Enterprises stock rose 1.7% to 3,445.05 today (May 24) and has almost tripled since its fall in February 2023.

Shares of Adani Enterprises Ltd- flagship of Gautam Adani’s group- erased all the losses following a short-seller report in early 2023. The conglomerate cut debt and landed major projects owing to which its stock stock crawled back losses of more than $30 billion after US-based Hindenburg Research alleged wide-ranging corporate malfeasance and share-price manipulation at conglomerate in January 2023.

Gautam Adani, chairman of Adani Group, center, arrives at a polling station during the third phase of voting for national elections in Ahmedabad, Gujarat, (Bloomberg)

The group has repeatedly denied these allegations. Adani Enterprises stock rose 1.7% to 3,445.05 today (May 24) and has almost tripled since its fall in February 2023.

This comes as analysts expect Adani Enterprises’ stock to be included in the benchmark S&P BSE Sensex Index in June which could potentially bring passive flows.

Additionally, other Adani companies are engaging with global investors to raise fresh debt as the group pushes ahead with plans to expand its cement and copper businesses, it was reported. Besides Adani Enterprises, at least five of the 10 listed Adani group stocks are trading above the levels seen before the Hindenburg report.