Adani Enterprises’ stock price has 40% more downside: NYU professor

Shares of Adani Group’s flagship firm are overvalued on some metrics despite plunging more than 50% in the rout triggered by US short seller Hindenburg Research’s scathing report last month, according to a New York University finance professor.

Adani Enterprises Ltd. yielded a value of 945 rupees per share even before “factoring any of the Hindenburg accusations of fraud and malfeasance,” Aswath Damodaran of New York University wrote in a blog post on Feb. 4. The stock traded at 1,561 rupees in Mumbai at 12:30 pm on Monday, 40% more than the value ascribed by Damodaran, whose work has been widely published in leading finance journals.