The Flagship company of Indian billionaire Gautam Adani, Adani Enterprises Ltd, has recently recovered all the losses, which happened due to a scathing short-seller report, released in early 2023.
The stocks have now recovered losses exceeding $30 billion, which occurred following allegations of extensive corporate fraud and share-price manipulation made by US-based Hindenburg Research against the ports-to-power conglomerate in January 2023. Which the company has repeatedly denied.
Meanwhile, the company’s stock has now increased to 1.7%, which stood at 3,445.05, in Mumbai on Friday.
Analysts anticipate that Adani Enterprises’ stocks will be added to the benchmark S&P BSE Sensex Index in June, potentially resulting in significant passive flows.
Regarding Adani’s subsidiaries, they are reportedly set to engage with global investors to secure fresh debt, as the group aims to expand its cement and copper businesses.
Aside from Adani Enterprises, at least five of the Adani group’s ten listed stocks are trading higher than they were before the Hindenburg article.