However, at Rs 14.5 lakh crore, the group combined market value is still Rs 4.7 lakh crore short of its all-time peak of Rs 19.2 lakh crore as of Jan 24, 2023, just hours before Hindenburg published its report.
In the 100-plus pages report, the US based short-seller had accused the group of corporate malfeasance. The group had junked the report and denied all the allegations.
Among Adani Group’s 10 companies, stock prices of only three have recovered their lost ground. Since the Hindenburg report, Adani Power has emerged as the biggest winner. From Rs 275 exactly a year ago, it had fallen to a multi-year low at Rs 133 on Feb 28, 2023. Since then, it has nearly quadrupled to Rs 520.
Along with Adani Power, the two other stocks which are out of the woods are Adani Ports & SEZ and Ambuja Cements. While Adani Ports & SEZ is up 47%, Ambuja Cements is up a marginal 6%, BSE data showed.
In contrast, the biggest value destroyer in the last one year was Adani Total Gas. The company, a joint venture with France’s TotalEnergies, has lost 74% of its value with the market capitalisation down at Rs 1.1 lakh crore now from Rs 4.3 lakh crore a year earlier, BSE data showed.
Adani Energy Solutions is the other big value destroyer. From Rs 3.1 lakh crore just a day before the publication of the Hindenburg report, the company is now valued at Rs 1.2 lakh crore, down 62%.
In Wednesday’s strong market, Adani Group stocks closed mixed with ACC up as much as 1.3% while Adani Green was down 2.5%.
During the day’s session, the market witnessed substantial volatility but a late buying surge helped the sensex close 670 points or 1% up at 71,060, while Nifty rose 215 points at 21,454. HDFC Bank, Infosys and Reliance Industries contributed the most to the day’s gains.
Foreign investors continued to be big sellers with a net outflow of Rs 6,935 crore. In the last seven sessions, foreign funds have net sold Indian stocks worth nearly Rs 30,000 crore, CDSL and BSE data showed.
In contrast, domestic funds were net buyers at Rs 6,013 crore which more than balanced out the heavy selling by foreign investors.
Outside of the stocks that constitute sensex and Nifty, the stock price of Zee Entertainment recovered some ground after it slumped 33% on Tuesday. The stock had crashed on the back of Monday’s announcement of termination of its merger with global media major Sony that was in the process for two years and worth about $10 billion. On Wednesday, the stock closed 6.7% up.