Adani Enterprises Defies Loss Inflicted By Hindenburg Report
Adani Enterprises stock rebounds from the loss of more than USD 30 billion which was inflicted by US-based Hindenburg’s report in January 2023
The flagship stock of Adani conglomerate, Adani Enterprises has displayed a remarkable recovery from its bottom after the short seller firm, Hidenburg wreaked havoc in early 2023.
Notably, the Adani group addressed the crisis and significantly reduced its debt and landed major projects.
Adani Enterprises stock has rebounded from the loss of more than USD 30 billion which was inflicted by US-based Hindenburg’s report, which alleging the conglomerate of corporate misgovernance and stock price manipulation in January 2023.
Albeit, the group declined the allegations and cited that the short-seller has no substantial evidence. Later the apex court of India also directed the market regulator to probe further and subsequently the conglomerate received the clean chit from Securities and Exchange Board of India (Sebi).
Other Adani stocks also attempted to raise fresh debt while engaging with global investors in order to expand its cement and copper businesses.
Apart from Adani Enterprises, around five of the ten listed firms traded above the pre-hindenburg report levels.
The stock of Adani Enterprises traded in green at Rs 3,388 in the Friday trading session on the National Stock Exchange (NSE).
