Adani Group’s port unit has become the first of its 10 entities to recoup all losses triggered by the scathing Hindenburg Research report in late January.
(Bloomberg) — Adani Group’s port unit has become the first of its 10 entities to recoup all losses triggered by the scathing Hindenburg Research report in late January.
Shares of Adani Ports and Special Economic Zone Ltd., considered the group’s crown jewel, climbed as much as 7.7% on Tuesday, continuing their rally from the lows hit in the aftermath of allegations of stock price manipulation by US short-seller Hindenburg.
Adani group shares are rallying after an Indian court panel’s report that found no conclusive evidence of stock-price manipulation as alleged by Hindenburg. Still, the investigations are ongoing, and the regulator has been given time till August 14 by the court to close its probe.
The ports business of Adani houses some of his most lucrative assets and is the most widely tracked stocks among sell-side analysts. All 20 analysts with coverage on the stock have a buy call. All 10 group stocks rose on Tuesday.
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