The Adani group was arguably dealt its biggest blow when American short-seller Hindenburg Research came out with report on January 24, 2023, accusing the conglomerate of stock manipulation and other wrongdoings
The accusations, strongly denied by the Gautam Adani-led group, battered its stocks and wiped out Rs 12 lakh crore of investor wealth.
A lot has happened since then.
Two of the 10 stocks — Adani Ports and Adani Power — are at a trading at higher level than they were before the report came out. Some have stabilised, recovering much of the fall. But there are a few yet to recover from the firestorm, languishing at levels seen in the aftermath of the crash.
On a group level, market cap has recovered over Rs 8 lakh crore, reaching Rs 15 lakh crore but still short of Rs 19 lakh crore a year ago.
Also read: S&P revises Adani Ports, Adani Electricity credit outlook to 'stable' from 'negative'
The worst seems to be over on the Hindenburg front. Earlier this month, the Supreme Court refused to hand over the probe into the charges to a special investigation team from the Securities and Exchange Board of India (SEBI). The market regulator, which has completed probe into 22 of the matters, said it did not find any substance in the allegations made by the shortseller .
Analysts have gained confidence and have been recommending Adani stocks as a good investment. Credit rating agencies have also upgraded their outlook on Group's debt papers.
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