Mumbai, May 27 (AHN) Shares of Adani Group companies have recovered all losses triggered by the 2023 Hindenburg Research report, with the conglomerate’s combined market value nearing Rs 19 trillion amid improving investor sentiment and easing regulatory concerns.

The listed companies of billionaire Gautam Adani-led Adani Group have staged a strong comeback, erasing nearly all losses caused by the controversial 2023 short-seller report by Hindenburg Research.

The combined market capitalisation of the group’s nine listed firms crossed Rs 19 trillion, or nearly $199 billion, on Wednesday -- reflecting a sharp rebound in investor confidence.

The recovery comes after around $150 billion in market value had been wiped out following Hindenburg’s allegations of corporate misconduct against the ports-to-power conglomerate.

All nine listed Adani Group stocks ended higher on Wednesday, led by a sharp 13 per cent rally in Adani Total Gas.

Adani Power continued its record-breaking rally and has now gained nearly 75 per cent so far this year.

The company has emerged as the group's most valuable listed entity, with a market capitalisation exceeding $50 billion.

The group’s flagship company, Adani Enterprises, also advanced during the session.

Gautam Adani and the group have consistently denied all allegations raised by Hindenburg Research.

Regulatory investigations in India have also not substantiated the claims made by the US-based short seller.

Investor sentiment towards the group improved further after favourable developments in the United States, including reports that the US Department of Justice moved to drop criminal charges against Adani.

Global institutional investors have also increased exposure to the group in recent months, with firms such as Capital Group reportedly expanding investments in Adani companies.

Market analysts said the rally has been driven by expectations around India’s infrastructure growth, manufacturing expansion and clean energy transition, with investors increasingly viewing Adani Group firms as major beneficiaries of the country’s long-term economic growth story.