Adani Enterprises stock recovers $30 billion lost after Hindenburg report - Hindustan Times
close_game
close_game

Adani Enterprises stock recovers $30 billion lost after Hindenburg report

By | Edited by Mallika Soni
May 24, 2024 11:32 AM IST

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)
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)

Read more: Gautam Adani says proud to be India’s first ‘das hazari’ on Adani Green Energy's milestone

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.

Now catch your favourite game on Crickit. Anytime Anywhere. Find out how

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.

Read more: Forbes richest list 2024: Mukesh Ambani tops in India, Gautam Adani at 2. Check top 10 names here

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.

Elevate your career with VIT’s MBA programme that has been designed by its acclaimed faculty & stands out as a beacon for working professionals. Explore now!

See more

Get latest updates on Petrol Price along with Gold Rate , Today Weather and Budget 2024 at Hindustan Times.

SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, June 14, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On