Adani stocks still find buyers during 2023 rout

Faithful following: An Adani Group booth at an event in Gujarat. In January 2023, Hindenburg Research accused Adani of improper business dealings. — Bloomberg

New Delhi: India’s retail investors piled into Adani Group companies as their shares cratered in the wake of the Hindenburg Research’s scathing report last January. A year later, they’re still keeping the faith.

Individual holdings in nine of the group’s 10 stocks at the end of December are higher than they were before the short-seller’s attack on the conglomerate, exchange data compiled by Bloomberg show.