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Shares of billionaire Gautam Adani’s group companies have erased all losses triggered by a scathing short-seller report in 2023, as the conglomerate overcomes regulatory challenges.

The group’s nine listed firms have recovered about $150 billion in market value wiped out after US-based Hindenburg Research accused the ports-to-power conglomerate of widespread corporate misconduct.

All nine Adani stocks rose Wednesday, led by a 13% surge in Adani Total Gas Ltd. Adani Power Ltd. extended its record rally, taking gains this year to nearly 75%, while flagship Adani Enterprises ltd. also advanced.

Adani Group shares Recup value seen before Hindenburg

Adani Firms Combined Market Cap

Note: The data shows combined market value of nine Adani Group companies in rupee terms Source: Bloomberg

The combined value crossed 19 trillion rupees ($199 billion) on Wednesday. However, in dollar terms, it is still short of $20 billion from the level seen before the release of Hindenburg report.

The recovery marks a turnaround for the group, which has spent about three years battling the fallout from the allegations and the steep selloff that followed. Adani has repeatedly denied the allegations, while Indian regulatory probes haven’t substantiated Hindenburg’s claims.

The rebound has gathered pace after favorable developments in the US, including Justice Department’s move to drop criminal charges against Adani, and as global investors such as Capital Group. increase exposure to the conglomerate.

Adani Power — now the group’s most valuable company with a market capitalization above $50 billion — has spearheaded gains as investors increasingly view Adani firms as leveraged bets on India’s infrastructure expansion, manufacturing push and energy transition.