The combined market capitalization of the group rose by Rs 32,855 crore to Rs 9.2 lakh crore on Wednesday. In the last six sessions, the group has added around Rs 2.4 lakh crore to its market value.
Since January 25, shares of the ports-to-FMCG conglomerate have been on a slide on the back of a report by US-based short-seller Hindenburg Research, which accused the group of accounting fraud, stock price manipulation and other corporate malpractices . The group denied all the allegations. In the little over a month after the report, the group’s combined market capitalization had fallen more than 70%, but has since regained some lost ground.
Group shares began a more sustained recovery after GQG Partners, a US-based fund manager that manages over $98 billion, raised about $1.9 billion (Rs 15,500 crore) to buy stake in four Adani companies directly from promoters. Invested around Rs. The deals were executed on March 2.
The recent rise in stock prices has also revived the fortunes of group chairman Gautam Adani. As the stock prices continued to fall since January 24, Adani fell from the third position to the 38th position in the Forbes rich list by the end of February. He is now back at number 25, with an estimated net worth of $46.6 billion.