Shares of Adani Group companies rallied sharply on Friday after the Securities and Exchange Board of India (SEBI) gave a clean chit to the conglomerate and its chairman, Gautam Adani, in connection with allegations raised by US short-seller Hindenburg Research.
The rally was broad-based across the group’s listed entities. Adani Total Gas surged 10% on the BSE, leading the uptrend. Adani Power advanced 7%, while Adani Enterprises gained nearly 5%. Adani Ports and Special Economic Zone rose close to 2.5%, Adani Green Energy gained 3.69%, and Adani Energy Solutions climbed 3.88%. Cement arms Ambuja Cements and ACC added nearly 1% each, while NDTV jumped 5%.
SEBI, in two separate orders, stated that no violations were found in relation to Hindenburg’s claims. The regulator clarified that the transactions under scrutiny did not qualify as related-party transactions at the time and that the definition was expanded only in 2021. It also noted that loans mentioned in the report had been repaid with interest, with no evidence of funds being siphoned off.
The findings effectively dismissed Hindenburg’s 2021 allegations that three firms — Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure — were used to route funds between Adani entities, misleading investors.
Market analysts said the regulatory clearance marks a significant relief for the Adani Group, which faced massive market value erosion after the Hindenburg report but has since regained investor confidence. The SEBI verdict is expected to boost institutional inflows and bring further stability to the group’s market performance.
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