Adani shares need big rally to reach pre-Hindenburg levels

The Adani Group, one of India’s leading conglomerates, has been in the news for a while now, thanks to the Hindenburg Research report that was released on January 24, 2023. The report levels allegations against the group causing a massive dip in the stock prices of the Adani Group companies.

However, the shares recovered significantly after the initial dip, but they still require a huge rally to revisit their pre-Hindenburg levels.

Nifty 50 index recovered

The recovery in the broader market was much quicker, with the Nifty 50 index crossing the January 24 level of Rs. 18118.30. However, two of its constituents from the Adani Group, namely Adani Enterprises Limited and Adani Ports & Special Economic Zone Ltd, are yet to recover fully. The shares of these companies are still trading below their pre-Hindenburg levels.

As of May 4, 2023, the share prices of Adani Enterprises Limited and Adani Ports & Special Economic Zone Ltd were Rs. 1911.25 and Rs. 679.75, respectively. While this is a significant recovery, the shares still fall short of their pre-Hindenburg levels of Rs. 3442 and Rs. 761.20, respectively.

List of Adani shares, their pre-Hindenburg and current levels

The recovery of Adani shares has been fast as the group has taken several steps to address the concerns raised in the Hindenburg Research report.

Here’s a list of Adani shares and their pre-Hindenburg and current levels:

Though, the Adani Group shares have recovered significantly, but they still require a massive rally to reach their pre-Hindenburg levels. It remains to be seen how the Adani Group will continue to perform in the coming months.