One year of Hindenburg: Adani group up, recouping market cap losses

A year after the publication of a damaging report by US-based Hindenburg Research against the Gautam Adani-group, the conglomerate is up and running—recouping most of the market capitalisation losses, attracting investments from the world’s leading money managers, and almost escaping unscathed from the regulator. However, the report hit the group hard, with the market value of the group companies plunging by 65 per cent, or Rs 12.4 trillion, from Rs 19.2 trillion to below Rs 7 trillion. The conglomerate also had to abandon a Rs 20,000-crore fresh share sale by flagship Adani Enterprises despite garnering full subscription. However, from the lows on February 27, 2023, the market value has bounced by more than two times.