Adani Enterprises, the flagship firm of Adani Group, has turned into a multibagger in just four trading sessions. The stock has doubled the wealth of investors after the latest rout in the listed companies of the Gautam Adani-led conglomerate.
Adani Enterprises' shares went up about 102 per cent to Rs 2,049. On Wednesday, February 8 from a 52 week low of Rs 1,017, the 60 was moved up from a 52 week low of Rs 1,017. The stock was up 14 per cent from its previous close of Rs 1,802 for the day. It was 50 on Tuesday.
The counter is still trading 51 per cent less than its 52 week high of Rs 4,189 despite the rebound in stock prices. The stock is down 46 per cent in a month.
The flagship Adani Group firm had a total market capitalisation of Rs 2.35 lakh crore, which had slipped to the lows of Rs 1.16 lakh crore at its worst, adding to the Rs 10 lakh crore carnage of m-cap during the intense sell-off.
Adani Enterprises, including Adani Enterprises, have been hammered hard at Dalal Street after US-based short-seller Hindenburg Research made allegations and accused the billionaire Gautam Adani-led group of fraudulent transactions and share price manipulation. Adani refuted the allegations as baseless.
The fair value of Adani Enterprises was put at Rs 945 apiece earlier this week, as valuationguru Aswath Damodaran said that the Nifty stock was still not cheap even if the allegations in the Hindenburg report are wrong. In his detailed calculations, the finance professor showed stock's fair value without taking into account Hindenburg's accusations.
On Wednesday, nine out of Adani Group's stocks were trading in green. Adani Ports increased 8 per cent, while Adani Wilmar and Adani Transmission were locked in a 5 per cent buyer's circuit. Adani Total Gas hit a lower circuit of 5 per cent.