Adani Enterprises, the flagship firm of Adani Group, has turned into a multibagger in just four trading sessions. The stock has more than doubled investors' wealth after the latest rout in the listed companies of the Gautam Adani-led conglomerate.
Adani Enterprises' shares have jumped about 102 per cent to Rs 2,049.60 on Wednesday, February 8 from its 52-week low at Rs 1,017.10 on Friday, February 3. For the day, the stock rose 14 per cent from its previous close at Rs 1,802.50 on Tuesday.
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Despite this rebound in the stock prices, the counter is still trading about 51 per cent below its 52-week high of Rs 4,189.55, hit in December 2022. The stock is down 46 per cent in a month.
The flagship Adani Group firm was commanding a total market capitalisation (m-cap) at Rs 2.35 lakh crore, which had slipped to the lows of Rs 1.16 lakh crore at its worst, adding to the Rs 10 lakh crore carnage of m-cap during the intense sell-off.
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Adani stocks, including Adani Enterprises, have been hammered hard at Dalal Street after US-based short-seller Hindenburg Research made allegations and accused the billionaire Gautam Adani-led group of fraudulent transactions and share price manipulation. Adani, however, refuted the allegations as baseless.
Earlier this week, valuation guru Aswath Damodaran had pegged the fair value of Adani Enterprises at Rs 945 apiece as he said that the Nifty stock was still not cheap even if the allegations made in the Hindenburg report are incorrect. In his detailed calculation, the finance professor showed stock's fair value without factoring in Hindenburg's accusations.
On Wednesday, nine out of Adani Group stocks were trading in green. Other than Adani Enterprises, Adani Ports rose 8 per cent, whereas Adani Wilmar and Adani Transmission were locked in buyers' circuit of 5 per cent, each. Only Adani Total Gas hit a lower circuit of 5 per cent.
Also read: Adani Enterprises shares rally 10%, Adani Ports 8%, Adani Power 5%; 9 out of 10 Adani group stocks gain
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