Adani Group Stocks Surge as SEBI Dismisses Some Hindenburg Allegations

Adani Group stocks surged on Friday after the Securities and Exchange Board of India (SEBI) dismissed two allegations made by US-based short seller Hindenburg Research. The rally boosted investor confidence, with several Adani companies recording strong intraday gains.

1. Adani Stocks Lead Market Gains

Shares of Adani Total Gas Ltd. jumped as much as 19%, leading the rally. Adani Enterprises Ltd., the group’s flagship firm, climbed 4.3%, while Adani Power Ltd. rose 7.4% after Morgan Stanley initiated coverage with an “overweight” rating.

2. SEBI Clears Two Allegations

In its latest orders, SEBI said there was no evidence of related party transactions being used to route funds into Adani’s listed entities. These findings directly reject key Hindenburg claims that shook the markets in early 2023.

3. 22 Investigations Still Pending

While two allegations have been dismissed, SEBI noted that 22 other proceedings remain under review. Final clarity on all charges will come only after these cases conclude.

4. Gautam Adani Welcomes SEBI’s Findings

Adani Group Chairman Gautam Adani hailed the regulator’s orders, saying on X (Twitter):

“SEBI has reaffirmed what we have always maintained, that the Hindenburg claims were baseless. Transparency and integrity have always defined the Adani Group.”

5. Hindenburg Report’s Impact in 2023

In January 2023, Hindenburg accused the Adani Group of using tax havens and hiding related-party dealings. The allegations wiped nearly $150 billion off Adani’s market value, triggering global debate about corporate governance in India.

6. Market Sentiment Rebounds Strongly

Investor sentiment has improved since SEBI’s partial clearance. Analysts said the rally reflects renewed confidence in the group’s fundamentals and its ability to recover from last year’s turmoil.

7. Adani Enterprises Recovers Market Trust

The conglomerate’s flagship, Adani Enterprises, gained sharply, signalling that institutional investors are regaining trust. The stock’s performance has been closely watched as a barometer for the group’s stability.

8. Energy & Infrastructure Units Join the Rally

Adani Green Energy Ltd. and Adani Energy Solutions Ltd. both gained nearly 4%, while Adani Ports & SEZ Ltd. rose 2%, showing broad-based strength across the group’s listed companies.

9. Broader Market Implications

Experts said SEBI’s orders will not only benefit Adani but also strengthen investor confidence in Indian markets, which had faced questions on regulatory oversight after the Hindenburg saga.

10. What Lies Ahead

While SEBI’s clean chit on two allegations is a big relief, the final outcome depends on the remaining 22 cases. For now, the Adani Group appears to have regained momentum both in the market and in public perception.