BENGALURU, May 24 Reuters Shares of Adani Enterprises on Friday bounced back to levels last seen in January 2023, before a report by U.S. shortseller Hindenburg Research triggered a selloff in billionaire Gautam Adani39;s portstopower conglomerate.

Shares of the Adani group39;s flagship company rose as much as 2 to 3,453.7 rupees. The stock had closed at 3,442 rupees on Jan. 24, 2023, the session before Hindenburg in a report accused the group of stock manipulation and improper use of tax havens.

The group, which refuted the allegations, suffered a loss of as much as 150 billion in combined market value, as the shortseller39;s report roiled investor confidence and resulted in intense regulatory scrutiny.

Adani Enterprises39; stock plunged about 70 to a twoyear low within just seven days after the report.

Although the market value of the main stocks, including Ambuja Cement, ACC, and NDTV are still down about 22.35 billion from preHindenburg levels, the shares have staged a smart recovery.

That39;s partially due to investments from Abu Dhabibased International Holding and U.S. boutique investment firm GQG Partners , which helped Adani shore up confidence by diluting some of the family39;s tight shareholding.

Moreover, surges that followed a courtappointed panel saying in May that India39;s markets watchdog drew a blank and India39;s top court saying no further scrutiny was needed in January, also bolstered support for Adani Enterprises39; stock.

Friday39;s climb…