Shares of billionaire Gautam Adani’s companies have wiped out all losses from the 2023 Hindenburg episode. The Adani Group’s market value has returned to pre-crisis levels as regulatory overhangs ease and investor appetite roars back.
The nine listed Adani firms have now recovered about $150 billion in market capitalisation that was erased after US-based short-seller Hindenburg Research accused the ports-to-power conglomerate of wide-ranging corporate misconduct. All nine stocks closed higher on Wednesday, led by a 13% jump in Adani Total Gas. Adani Power extended its record rally, taking gains this year to nearly 75%, while flagship Adani Enterprises also ended in the green.
The combined market value of the group climbed past about $199 billion in trade — a symbolic milestone in a three-year battle to repair investor confidence. In dollar terms, the group remains roughly $20 billion short of the peak level reached before the Hindenburg report, partly reflecting rupee depreciation and portfolio shifts.
Wednesday’s rally was broad-based. Adani Total Gas surged 13.35%, NDTV jumped 10.39%, Adani Energy Solutions gained 5.28% and Ambuja Cements rose 2.28% on the BSE. Adani Green Energy advanced 2.23%, Adani Power added 1.72%, ACC climbed 1.09%, Adani Ports was up 0.74% and Adani Enterprises edged 0.11% higher. The combined market capitalisation of these firms stood at Rs 19.44 lakh crore by the close.
Adani Power overtakes Infosys in m-cap
Adani Power has emerged as the group’s new bellwether and its most valuable company, with a market capitalisation now above $50 billion. The stock on Wednesday overtook Infosys in market cap rankings to become India’s 11th most-valued listed firm, with a valuation of roughly Rs 4.8 lakh crore versus about Rs 4.7 lakh crore for the IT major.
So far in 2026, Adani Power shares have surged about 70-75%, while Infosys has shed more than 25-28% as IT stocks struggle with global headwinds and margin worries.
The turnaround caps a bruising period that saw Adani’s stocks lose nearly $150 billion in value and triggered intense scrutiny from regulators and investors worldwide. Adani has consistently denied Hindenburg’s allegations and Indian regulatory probes have not substantiated the claims, helping sentiment stabilise.
The latest leg of the rebound has been fuelled by favourable developments in the US, including the Justice Department’s move to drop criminal charges against Adani-related entities.