Market capitalisation of conglomerate helmed by billionaire Gautam Adani has seen over Rs 39,000 crore rise this week to reach a valuation of about Rs 15.5 lakh crore amidst renewed attacks from the main opposition Congress party.
Nine out of the 10 listed companies of the ports-to-energy conglomerate saw market cap climb in three days of trade on the back of strong financial and operating results, stock market data showed.
Flagship Adani Enterprises Ltd added the most value by about Rs 23,268 crore, followed by Adani Ports & SEZ at Rs 9,440 crore. Adani Power Ltd was the only firm that saw market capitalisation drop.
Other group companies - power transmission firm Adani Energy Solutions Ltd, clean energy company Adani Green Energy Ltd, city gas distributor Adani Total Gas Ltd, commodities trader Adani Wilmar Ltd, media firm NDTV and cement companies ACC and Ambuja Cement rose in value.
Congress released a series of videos targeting the BJP, SEBI chief Madhabi Puri Buch and the Adani group.
The videos featuring Leader of the Opposition in Lok Sabha Rahul Gandhi and Congress spokesperson Pawan Khera levelled accusations against the Adani Group, alleging a "Monopoly Bachao Syndicate" at work.
While the videos touched upon previous controversies, including the Hindenburg report and SEBI's role and recycling them, the Congress also introduced a new claim, accusing the group of building a defence business to replace imports and challenge foreign arms and ammunition suppliers.
"The Adani Group operates over 20 businesses and enjoys 20-25 per cent market share in ports and airports business and less than 10 per cent market share in all its other businesses. Business realities are contrary to the allegations," said an infrastructure analyst with a foreign brokerage, who tracks the group closely.
Despite the Congress' renewed attack on the Adani Group, investors reposed faith in Adani shares on the back of strong half-yearly results.
Adani Enterprises Ltd (AEL) and Adani Ports & SEZ Ltd (APSEZ) - two of the group's oldest companies - posted nearly an eight-fold and 37 per cent surge in net profit, respectively.
Since the initial Hindenburg report in January 2023, Adani Group stocks have consistently defied negative predictions and political attacks. This resilience has been attributed to the group's strong performance and growth trajectory.
A fund manager, speaking on condition of anonymity, commented, "The market has recognised the concerted effort to target Adani by external forces. Clearly, the group is doing something right... as the group continues to demonstrate extraordinary resilience in terms of performance and growth."
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