Adani Wilmar, a part of the Adani Group, has seen its share price fluctuate significantly over the past few months. The stock has been under the scanner since the Hindenburg report was published, which accused the Adani Group of financial impropriety.

The Investment: If you had invested ₹10,000 in Adani Wilmar on February 24, 2023, — a month after US-based Hindenburg Research accused Gautam Adani of "pulling the largest con in corporate history"— when the stock closed at ₹362.55, you would have bought approximately 27 shares. With the current market price at around ₹406, your investment would now be worth approximately ₹11,216. That's a return of over 12%.

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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. The Adani Wilmar share price slumped around 42% after the report to hit a 52-week low of ₹327.25 on Feb 28 and is yet to regain the level it was trading at before the report came out.

The Adani Group company reported a 25% year-over-year increase in sales volumes in the June quarter on the back of "robust consumer demand." However, the company's sale value declined 15% YoY due to the sharp decline in edible oil prices. Edible oils account for the majority of the company's business.

Earlier today, Gautam Adani, chairman of the Adani Group, called the Hindenburg report a combination of "targeted misinformation" and "discredited allegations". He stated that the report was a malicious and deliberate attempt aimed at damaging their reputation.

Price Action: Adani Wilmar’s share price was up 1.09% to trade at ₹407 on Tuesday afternoon.

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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.