The conglomerate led by billionaire Gautam Adani has recovered all losses in market value triggered by Hindenburg Research’s 2023 report, underscoring a strong revival in investor confidence. According to Bloomberg, the nine listed companies of the Adani Group have regained nearly USD 150 billion in market capitalisation that was wiped out in the aftermath of the report. The rebound reflects renewed investor confidence as the group navigates past regulatory scrutiny and legal overhangs.All Adani stocks rally, group valuation tops Rs 19 trillionThe rally gathered momentum in the previous session (May 27), with all nine listed Adani stocks trading higher.
Adani Total Gas led gains with a jump of around 13 per cent, while Adani Power extended its winning streak. Adani Power has surged nearly 70 per cent so far this year, emerging as the group’s strongest performer.
3-Year comeback after Hindenburg shock
The recovery marks a major reversal from January 2023, when US-based Hindenburg Research accused the Adani Group of stock manipulation, accounting irregularities and misuse of offshore shell companies over several decades.
The allegations triggered a massive selloff across Adani stocks, wiping out more than USD 150 billion in investor wealth within weeks. However, Adani Group strongly denied the accusations, calling the report a deliberate attack on India and its institutions.
As Bloomberg highlighted, the group has spent nearly three years managing the fallout from those allegations while trying to rebuild investor trust and stabilise its businesses.
Regulatory relief and global investor interest fuel recovery
Investor sentiment toward Adani companies has improved after a series of supportive developments.
Bloomberg said the rally accelerated after favourable developments in the US, including moves by the Justice Department related to criminal proceedings involving Adani. At the same time, large global investors, including Capital Group, have reportedly increased exposure to Adani companies.
Back home, a key boost came after India’s market regulator, Securities and Exchange Board of India (SEBI) in September 2025 dismissed some of the major allegations tied to related-party transactions and fund diversion, though several investigations remain ongoing.
Adani Power emerges as most valuable group company
A notable feature of the recovery has been the strong performance of Adani Power. According to Bloomberg, the company has now become the most valuable listed Adani firm, with a market capitalisation now standing at Rs 4,79,706.78 crores.
Here’s the list of other Adani stocks and their current market valuations:
