ITC's climb to all-time high shows Indian investors searching for stability

ITC's climb has accelerated this month, as Hindenburg Research's allegations against the Adani Group has made Adani Enterprises and Adani Ports & Special Economic Zone the index's worst performers

Shares of Indian conglomerate ITC Ltd. have climbed to a record high, demonstrating investors may be starting to focus on stability in a market churning with concerns over corporate governance.

It’s the best-performing stock in the NSE Nifty 50 Index with a 15% gain this year, pushing its market value to nearly $57 billion. Its climb has accelerated this month, as US short seller Hindenburg Research’s allegations against the Adani Group has made Adani Enterprises Ltd. and Adani Ports & Special Economic Zone Ltd. the index’s worst performers.

“ITC’s stable cash flow and dividends have won hearts of investors in