Adani stocks recover most of their Hindenburg losses

Mumbai: On January 24, 2023, the US-based short-seller Hindenburg Research released a scathing report on Adani Group accusing the conglomerate of engaging in ‘brazen stock manipulation’ and ‘accounting fraud’, sending the stock prices crashing over the next few months and forcing its flagship company Adani Enterprises to call off its ₹20,000-crore follow-on public offer. Till then, the group was on a roll with stock prices on a record-breaking run. A year later, the conglomerate has largely recovered from the shocks in the aftermath of the report, while shares of most group companies have managed to cut a portion of their losses.