Hindenburg Impact: Nifty recovers fully but Adani shares still require up to 320% rally to revisit Jan 24 levels

NSE barometer Nifty on Thursday reclaimed the 18,200-mark for the first since January 24, the day US-based short-seller Hindenburg Research came out with its scathing report on Adani group companies. While Adani group shares have also recovered during this period, they still require up to 320 per cent rally to revisit their January 24 levels, data compiled from corporate database AceEquity suggested.

Nifty, which has two Adani group stocks as index constituents, is up 0.7 per cent over January 24 closing level against the BSE Sensex's 1.3 per cent rise during the same period. The 50-pack index last closed above the 18,200 level on January 3, but it was January 24 when it last touched the mark by making an intraday high of 18,201.25. Adani group stocks, which saw their market capitalisation (m-cap) plunging by over $140 billion, too have recovered since. Yet Nifty constituent Adani Enterprises Ltd and Adani Ports & Special Economic Zone Ltd, and eight other non-Nifty stocks are far away from their pre-Hindenburg levels.    

On Thursday, Adani Enterprises jumped 3.85 per cent to close at Rs 1,909.30 on BSE. Even at this price, the Adani group flagship require an 80 per cent rally to revisit its Janaury 24 closing of Rs 3,442.75.

Adani Total Gas Ltd at Rs 930.25 requires 317.67 per cent surge to revisit January 24 level. This stock is down 76 per cent since January 24.

Adani Transmission Ltd requires a 172 per cent rise from Rs 1,013.35 level to revisit January 24 level of Rs 2,756.15. Adani Green Energy,  New Delhi Television, Adani Wilmar, ACC and Ambuja Cements seek up to 102 per cent gains to reach pre-Hindenburg levels.

Adani Ports and Adani Power Ltd, the least impacted stocks require gains of 11 per cent and 15 per cent, respectively, to revisit January 24 prices from the prevailing levels.

Adani group Chairman Gautam Adani has seen his wealth recover from a sub-$40 billion levels to $60.5 billion and is holding on to 21st position on the Bloomberg Billionaire index for some time now.  He was among the top five richest at the time of Hindenburg report.

 

Also read: Adani Enterprises Q4 results: Net profit rises 138% to Rs 722 cr; firm declares Rs 1.2 dividend

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