Ever since the Adani Enterprises Limited Follow-On Offer opened on January 27, the group has been on the backfoot post the Hindenburg report questioning it and its finances.
The aftershocks of the report rattled the group and its impact was felt by markets as well.
The group began its slow and steady fightback, and did many things to restore its image and credibility among various stakeholders.
The stock markets, which had witnessed crazy volumes and price movements in the Adani pack, saw volumes reducing significantly last week.
The exchanges took measures to curtail volatility and introduced higher margins on the stocks. Further the price volatility seems to be subsiding and things are getting back on track.
From the table which gives price changes during the week, the intraweek high and lows for the period from February 3 to February 10 shows that three shares from the pack rose, two shares registered marginal losses and the remaining four had double-digit losses.
Let us see some of the major events during the week concerning the group.
* MSCI has reviewed the stocks in its indices in its quarterly review and decided to keep the Adani pack as it is.
* The Adani group has appointed US legal firm Wachtel as its adviser and legal counsel to take on Hindenburg in the US.
* SEBI has discussed the issue of the markets and Adani group and is comfortable with the markets.
* RBI has reviewed the Adani group exposure and believes there is no overleverage in any company.
* The government has discussed the issue in Parliament and made it clear that the group is a business house like any other and dismissed the need to debate it further.
* LIC and SBI have made statements about their exposure to the group.
* Some of the pledged shares have been released and loans retired prematurely.
* Additional pledged shares given to provide additional comfort to foreign lenders.
* Finance Minister Nirmala Sitharaman on Saturday said "Indian regulators are aware of the concerns regarding the Adani Group" while responding to the Supreme Court's observation regarding need for investor protection. This statement was made at the customary RBI meet post-budget.
* The matter has already reached the Supreme Court and SEBI has been asked to give a statement on interests of shareholders being protected.
The group has got its act together. Results for the entire group listed entities have been announced and there is no untoward incident in the results which could make one worried.
I believe the second part of the battle has begun and the complainant and short seller would be carefully watched and his actions be under the radar.
Very clearly, the Adani fightback has begun in all earnest.
(Arun Kejriwal is the founder of Kejriwal Research and Investment Services. The views expressed are personal)