Adani Power along with other Adani Group stocks has had a tumultuous time in the stock market this year. Ever since the Hindenburg Report came out, shares of the company have been volatile. The Adani Power share price had slumped well over 50% a month after the report came out. However, the stock has seen a strong recovery in the past month.
The Investment: If you had invested ₹10,000 in Adani Power on Feb 24 — a month after US-based Hindenburg Research accused Gautam Adani of “pulling the largest con in corporate history” – you would have received approximately 68 shares. The stock’s closing price on Feb 24 was 146.65
Today, with the stock’s current market price at around ₹280, your investment would now be worth approximately ₹19,040. That’s a substantial return of over 90% in just a few months.
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Background: The Adani Group faced a tumultuous 2023 following allegations of financial impropriety by US-based Hindenburg Research. The report accused the conglomerate of stock manipulation, over-leveraging, and accounting fraud. Despite these serious charges, Adani Power and other group stocks have made a considerable recovery.
Adani Power’s Q4 results showed a jump of 12.9% in net profits to ₹5,242 crore, despite a decrease in total revenue. The surge in the stock today comes as the Bombay Stock Exchange (BSE) revised the price band for Adani Power from 5% to 20%, contributing to the stock’s positive performance.
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Price Action: Adani Power’s share price jumped 4.37% to trade at ₹274.50 in the late hours of trading on Wednesday.
Disclaimer: Benzinga India doesn’t give financial advice. The above article is for educational purposes alone.
Editor’s Note: Artificial intelligence was used as a secondary aid in the writing of this story.
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