Hindenburg shadow gone! Adani Ports shares erase all losses led by short-sellers

Adani Ports shares surged 8% to hit a day’s high of INR785.95 ($10.57), nearing pre-Hindenburg report levels, after a high-powered independent committee cleared the company of any irregularity in share trading. All 22 analysts with coverage have buy ratings for the stock, with the average target price INR834.2, Trendlyne data showed. Adani group has been in the news after a short-seller flagged a number of issues around the group’s debt and inflated values. However, Adani stocks are not undervalued, said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.