Adani Enterprises shares finally get rid of Hindenburg's ugly scar, surge 3x in 16 months
shares of billionaire Gautam Adani's flagship entity Adani Enterprises have erased all losses induced by the controversial Hindenburg report. During the day, the stock rallied 2% to hit a fresh 52-week high of Rs 3,455 on BSE but was still about 21% away from its all-time peak of Rs 4,189.55 touched on 21st December 2022.
At the peak of the Hindenburg crisis, shares of Adani Enterprises had fallen to a low of Rs 1,017.45 on 3rd February 2023. Faithfuls have been rewarded with a 3X return since then.
The stock is in focus today also because it is expected to enter the headline index Sensex by replacing Wipro. Stock exchange BSE is likely to announce its semi-annual rejig of indices today while adjustments will take place on June 21.
The inclusion is expected to result in $118 million inflows into Adani Enterprises.
ALSO READ | Adani Enterprises may throw out Wipro from Sensex next month
Besides Adani Enterprises, at least five of the 10 listed Adani group stocks are trading above the levels seen before the Hindenburg report.
Earlier this week, Adani Group's market capitalisation regained the $200 billion-mark (Rs 16.9 lakh crore) after its listed firms gained Rs 11,300 crore as investors reposed faith in the company denying any wrongdoing in the supply of coal to Tamil Nadu power company.
Investors have ignored a report from George Soros-backed Organized Crime and Corruption Reporting Project (OCCRP) which accused Adani Group of selling low grade coal as high value fuel in 2013.
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