Shares of Adani Group companies surged today after the Securities and Exchange Board of India (SEBI) cleared the conglomerate of two key allegations made by US-based short seller Hindenburg Research.
Adani Total Gas Ltd. led the rally with a nearly 19% jump, while Adani Enterprises Ltd. rose 4.3% intraday. Adani Power Ltd. gained 7.4%, buoyed by Morgan Stanley’s new “overweight” rating. Adani Ports & SEZ Ltd. advanced 2%, and both Adani Green Energy Ltd. and Adani Energy Solutions Ltd. climbed nearly 4% each.
SEBI’s Findings
In two separate orders, SEBI stated there was no evidence that the Adani Group routed funds into its listed companies through related-party transactions. The regulator said 22 other cases remain under investigation.
Adani Group Responds
Reacting to the development, Chairman Gautam Adani posted on X (formerly Twitter):
“SEBI has reaffirmed what we have always maintained, that the Hindenburg claims were baseless. Transparency and integrity have always defined the Adani Group.”
Background
SEBI began its probe in 2023 after Hindenburg accused the Adani Group of using tax havens and concealing related-party dealings — allegations that wiped $150 billion off the group’s market capitalization. Most Adani stocks have since staged a strong recovery.
