Mumbai, May 27 Adani Group companies have fully recovered from the sharp sell-off triggered by the 2023 Hindenburg Research report, with the conglomerate’s combined market capitalisation nearing Rs 19 trillion amid improving investor sentiment and easing regulatory concerns.

The nine listed companies of the Gautam Adani-led conglomerate witnessed strong gains on Wednesday, pushing their combined market value to nearly $199 billion (around Rs 19 trillion) after a dramatic rebound over the past two years.

The recovery marks a significant turnaround from early 2023, when the Hindenburg Research allegations wiped out nearly $150 billion in market value across Adani Group firms. The conglomerate had faced accusations of corporate misconduct, which it has consistently denied.

All nine listed Adani stocks closed higher on Wednesday, led by Adani Total Gas, which surged 13 per cent during the trading session.

Adani Power extended its stellar rally, gaining nearly 75 per cent so far in 2026, and emerged as the group’s most valuable listed company with a market capitalisation exceeding $50 billion. The flagship Adani Enterprises also ended in positive territory.

Investor confidence strengthened following regulatory developments in India and favourable reports from the United States, including indications that the US Department of Justice may move to drop criminal charges linked to Adani.

Indian regulatory investigations have not substantiated the allegations raised by Hindenburg Research, further easing market concerns around the group.

The rally has also been supported by renewed interest from global institutional investors, with firms such as Capital Group reportedly increasing exposure to Adani companies in recent months.

Market experts attribute the sustained recovery to India’s infrastructure expansion, manufacturing growth and clean energy transition, with investors increasingly viewing Adani Group firms as key long-term beneficiaries of the country’s economic growth story.