Adani Group stocks have had a very difficult time at the bourses this year. One of the hardest hit was Adani Green Energy which fell over 80% after the Hindenburg report. Even as the stock has recovered quite a bit from the lows it witnessed, it is still down 50% from the levels it was trading at before the Hindenburg report.
The Investment: So, if you had invested ₹10,000 in Adani Green on Feb. 24 when the stock closed at ₹539.05 — a month after US-based Hindenburg Research accused Gautam Adani of "pulling the largest con in corporate history" — you would have bought approximately 18 shares. With the current market price at ₹952, your investment would now be worth approximately ₹17,668.60. That’s a substantial return of over 76% in just a few months.
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 Green and other group stocks have made a considerable recovery.
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Just last month, the energy giant announced that it was set to generate 1 gigawatt of power solely from wind energy after commissioning a wind power plant in Gujarat's Kutch (Kachchh). Talking about the company’s Q4 numbers, the company registered strong growth in revenue and profits.
The Adani Group company’s revenue from operations stood at ₹2,598 crore, a massive 77% jump from the year-ago period when the company's revenue stood at ₹1,461 crore. The company's net profits for the review period stood at ₹507 crore. This is a multifold increase from the ₹121 crore profit the company booked in the year-ago period.
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Price Action: Adani Green's share price surged 5% to hit the upper circuit at ₹998.55 as the markets opened for business on Tuesday.
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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