MUMBAI: Adani Group has more than recouped the market value it lost since the Hindenburg report was published on Jan 24, 2023. On Monday, as Dalal Street investors went on a buying spree, the combined market value of 10 Adani group companies at the close of the session stood at Rs 19.4 lakh crore, BSE data showed.
It took the airports-to-FMCG conglomerate over 500 days to take its aggregate market capitalisation above the Rs 19.2 lakh crore-mark – the level it was on Jan 24, 2023 when US-based short-seller Hindenburg Research alleged corporate malfeasance, which the group has denied.
Following the allegations, stock prices of all 10 group companies took a serious tumble and within five weeks, the conglomerate’s market value had plunged by about 65% to Rs 6.7 lakh crore. In the process, Gautam Adani – group chairman as well as the second richest person in the world in late Jan 2023 – slid to below the 25th spot on the global rich list.

Individually, however, not all group companies have regained their market value, BSE data showed. Adani Total Gas, Adani Energy Solutions (formerly Adani Transmission), Adani Wilmar & NDTV are yet to regain their market cap losses. Such losses, however, have been more than made up by the strong gains in other companies, led by Adani Power and Adani Ports.
The market cap of Adani Power, the biggest electricity producer from the private sector, has gone up by more than six times since its post-Hindenburg report slide. From Rs 54,344 crore on Feb 15, 2023, its market cap has risen to Rs 3.4 lakh crore.
Along with Adani Power, Adani Ports has also added to its market value substantially in the last 16 months. Compared to a post-Hindenburg report low of about Rs 99,800 crore, Adani Ports’ current market cap is Rs 3.4 lakh crore – a jump of nearly 2.4 lakh crore.
The market capitalisation of cement maker Sanghi Industries has not been taken into consideration since that company was acquired by Adani Group in Dec 2023.