Adani Enterprises share doubles shareholders’ money since Hindenburg route
Adani Enterprises shares received heavy beating after the Hindenburg Research report raised concern over the debt positioning of Adani group companies. The Adani group stock tumbled from around ₹3400 apiece levels in the last week of January 2023 and went on to slide for near one month. However, Adani share made its bottom at around ₹1,015 per share levels at the end of February 2023 and it has been continuously rising in the following four months. After hitting its 52-week low at the end of February 2023, Adani Enterprises share price has been rising continuously and Adani Enterprises share price today is around ₹2410, giving more than 135 per cent return to the bargain hunters who look at that challenge caused by the US-based short seller as an opportunity to make money.
Adani Enterprises share price history
This Adani share has risen near 3 per cent in last one month whereas in last three months, it has delivered to the tune of 35 per cent as in last three months, Adani Enterprises shares have risen from around ₹1805 to ₹2410 apiece levels on NSE. However, the Adani group stock still has a long way to go as the stock is one of the beaten down stocks in YTD time.
In year-to-date time, Adani Enterprises share price has slipped from around ₹3840 to ₹2410 apiece levels, logging near 35 per cent dip in this time. However, for a long term investor, they have recovered their lost money after the Hindenburg route. In last one year, Adani Enterprises shares have surged from near ₹2080 to ₹2410 apiece levels, delivering around 15 per cent return to its loyal long term positional investors.
Adani Enterprises share price outlook
On outlook for Adani Enterprises share price, Sumeet Bagadia, Executive Director at Choice Broking said, “Adani Enterprises shares are an ideal buy on dips stock in current weak stock markets. This Adani share has strong support placed at ₹2200 apiece levels while it is facing hurdle at ₹2600 to ₹2700 per share zone. Those who have this Adani share in stock portfolio, they are advised to maintain stop loss at ₹2200 and hold for ₹2600 to ₹2700 per share target.”
For those who want to buy Adani Enterprises shares, Sumeet Bagadia recommended them to buy the scrip at CMP for near term target of ₹2600 to ₹2700. However, Sumeet Bagadia of Choice Broking strictly advised stop loss at ₹2200 while taking any fresh position in the Adani group share.
Hindenburg Research report on Adani companies
The US-based short seller made an accusation on the Adani group of companies including Adani Enterprises that the group was engaged in large-scale stock manipulation. The Hindenburg Research report on Adani group went on to allege that Adani group inflated Adani shares at mass levels by controlling 75 per cent of the company shares through different offshore shell companies. The Hindenburg Research report also accused Gautam Adani-backed Adani group companies for taking substantial debt by overleveraging their assets to obtain several large loans amounting to ₹2.2 lakh crore.
All these charges labelled by the US short seller is prohibited by the Securities Contract (Regulation) Rules, 1957.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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Updated: 20 Jun 2023, 12:23 PM IST
