Adani Enterprises Shares Surge to Pre-Hindenburg Levels

New Delhi, May 24 (PTI) Shares of Adani Enterprises have bounced back to the pre-Hindenburg Research report levels and have hit a one-year peak in intra-day trade on Friday.

Hindenburg Research in a damning January 24, 2023 report accused the Adani Group of "brazen stock manipulation" and accounting fraud, which led to a stock market rout that erased about USD 150 billion in the group firms' market value at their lowest point.

The conglomerate vehemently denied all allegations.

Shares of Adani Enterprises climbed 1.91 per cent to hit the 52-week high of Rs 3,456.25 at the BSE on Friday. It, however, ended flat at Rs 3,384.65.

Adani Group companies were in the limelight on Thursday, with the flagship Adani Enterprises rallying 8 per cent.

Shares of Adani Enterprises rallied for the fifth day in a row till Thursday, rising 11.51 per cent.

Adani Enterprises stock price was Rs 3,434.50 on January 23, last year, a day before the report. From that level, the stock price went southward and fell to Rs 1,194.20 on February 27, last year.

The company's stock price has now zoomed over 189 per cent from last year's February 27 level.

The combined market valuation of all the 10 listed group firms stood at Rs 17.23 lakh crore on Thursday.

Adani Group's market capitalisation on Wednesday regained the USD 200 billion-mark (Rs 16.9 lakh crore) after its listed firms gained Rs 11,300 crore as investors reposed faith in the company denying any wrongdoing in the supply of coal to Tamil Nadu power company.

Headquartered in Ahmedabad, the Adani portfolio is the largest and fastest-growing portfolio of diversified businesses in India with interests in logistics (seaports, airports, logistics, shipping and rail), resources, power generation and distribution, renewable energy, gas and infrastructure, agro (commodities, edible oil, food products, cold storage and grain silos), real estate, public transport infrastructure, consumer finance and defence.