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Listed Adani Cos Extend Rally to Recoup Losses Due to Hindenburg Reports

By IndianMandarins- 28 May 2026
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MUMBAI (28.05.2026): Shares of Adani Group companies managed to erase all losses triggered by a scathing short-seller report in 2023, as the conglomerate overcomes regulatory challenges.
The total nine listed companies of the group have recovered about $150 billion in market value that were wiped out after US-based Hindenburg Research accused the ports-to-power conglomerate of widespread corporate misconduct. The Adani Group was given clean chit by SEBI and Supreme Court of India. Moreover, Hindenburg Research closed down its operations in the US.
All nine Adani stocks rose Wednesday, led by a 13% surge in Adani Total Gas Ltd. Adani Power Ltd. extended its record rally, taking gains this year to nearly 75%, while flagship Adani Enterprises Ltd. also advanced.
The combined value crossed Rs 19 trillion ($199 billion) on Wednesday. However, in dollar terms, it is still short of $20 billion from the level seen before the release of Hindenburg report.
The recovery marks a turnaround for the group, which has spent about three years battling the fallout from the allegations and the steep selloff that followed. Adani has repeatedly denied the allegations, while Indian regulatory probes haven’t substantiated Hindenburg’s claims.
The rebound has gathered pace after favourable developments in the US, including Justice Department’s move to drop criminal charges against Adani, and as global investors such as Capital Group increase exposure to the conglomerate.
Adani Power — now the group’s most valuable company with a market capitalization above $50 billion — has spearheaded gains as investors increasingly view Adani firms as leveraged bets on India’s infrastructure expansion, manufacturing push and energy transition.
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