Adani Ports Recoups All Losses Since Hindenburg Report As Group Stock Surge Continues
Group stocks continue to rally after the Supreme Court panel didn't find any regulatory failure in the Adani-Hindenburg case.
Adani Group stocks continued their surge after the Supreme Court panel didn't find any regulatory failure in the Adani-Hindenburg case.
Adani Ports and Special Economic Zone Ltd. jumped to Rs 778.50 apiece intraday, becoming the first of the group's 10 listed stocks to recoup all losses after the Hindenburg allegations. It closed at Rs 769.05 apiece on Jan. 23, ahead of the release of Hindenburg report.
Adani Enterprises Ltd. led Tuesday's surge with more than 13% gains in the morning trading. ACC Ltd. gained the least among the group companies.
Overall, the market value of the listed group companies has rebounded 58.5% since the Feb. 27 lows, on Tuesday.
The conglomerate's market capitalisation crossed Rs 10 lakh crore on Monday, as shares of group companies continued to rebound after Hindenburg Research alleged stock manipulation. The group called it a "malicious" attack" and "misinformation".
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