This year, Adani Power and other Adani Group stocks have experienced volatility on the stock market. Since the publication of the Hindenburg Report, the company’s stock has been volatile.
A month after the release of the report, the share price of Adani Power fell by well over 50 percent. However, the stock has experienced a significant rebound over the past month.
If you had invested 10,000 in Adani Power on February 24 – a month after US-based Hindenburg Research accused Gautam Adani of “pulling the largest corporate con” – you would have received approximately 68 shares. The closing price of the stock on February 24 was 146.65.
At the current stock market price of approximately 280, your investment is now worth approximately 19,040. This is a significant return of over 90 percent in just a few months.
Background
The Adani Group confronted a turbulent 2023 as a result of Hindenburg Research’s allegations of financial misconduct.
The report charged the multinational corporation with stock manipulation, excessive leverage, and accounting fraud. Despite these grave accusations, Adani Power and other group stocks have made a substantial comeback.
Despite a decline in revenue, Adani Power’s fourth-quarter results revealed a 12.9% increase in net profits to 5,242 crore.
The Bombay Stock Exchange (BSE) increased the price band for Adani Power from 5% to 20%, which contributed to the stock’s positive performance today.
Price Movement
In the late hours of trading on Wednesday, Adani Power’s share price increased 4.37 percent to 274.50.
Disclaimer: Benzinga India doesn’t give financial advice. This article is intended solely for educational purposes.
Note from the editor: Artificial intelligence was used as a secondary aid in authoring this article.
