Adani Group Stocks’ Recovery Is on Shaky Ground

Even assuming the conglomerate avoids regulatory trouble, further gains—for shares at least—look challenging

Shares of companies linked to Indian billionaire Gautam Adani plunged after short seller Hindenburg Research published a scathing report accusing his company of wide-ranging fraud. WSJ’s Ben Foldy explains what to know. Illustration: Ryan Trefes

Shares of embattled Adani Group companies have taken a wild ride over the past six weeks. 

Recent moves by the conglomerate have helped put a floor under stock and bond prices, but clawing back further ground could be difficult, unless a new panel appointed by the Indian Supreme Court completely clears the group of wrongdoing.

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