Adani Power, Adani Green: Adani Stocks Soar Up To 13% As SEBI Dismisses Hindenburg Allegations

Adani Group stocks, including Adani Enterprises, Adani Green Energy, Adani Power, and Adani Ports & SEZ, rallied as much as 13% in Friday’s session after the Securities and Exchange Board of India (SEBI) dismissed allegations by US-based short-seller Hindenburg Research. The regulator said that while related-party transactions through entities such as Adicorp, Milestone, and Rehvar did take place, they were fully disclosed and complied with existing regulations.

Adani Group Chairman Gautam Adani hailed SEBI’s findings, saying in a post on X: “After an exhaustive investigation, SEBI has reaffirmed what we have always maintained — that the Hindenburg claims were baseless. Transparency and integrity have always defined the Adani Group.”

Shares of

Adani Total Gas witnessed the highest surge, rallying 13% to their day’s high of Rs 687.35 on the BSE, followed by the shares of Adani Power, which surged 9% to Rs 686.95. Meanwhile, shares of Adani Enterprises and Adani Green Energy rose by nearly 5% to Rs 2,519.55 and Rs 1,032.30, respectively. Shares of Adani Ports surged by 2.8% and AWL Agri Business shares rallied 3%.

The SEBI order comes nearly three years after US short-seller Hindenburg Research’s January 2023 report, which wiped out $150 billion in market value from Adani firms. Nate Anderson, founder of Hindenburg, disbanded his team earlier this year.

Responding to the closure of the probe, Adani said: “We deeply feel the pain of investors who lost money because of this fraudulent and motivated report. Those who spread false narratives owe the nation an apology.”

SEBI concluded that there was no breach of the Listing Agreement, SEBI (LODR) Regulations, or Section 12A of the SEBI Act. It said the alleged transactions involving Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure did not amount to related-party dealings.

The regulator found that while Adani Ports had extended loans to Adicorp, there was no evidence of round-tripping or diversion of funds into listed Adani entities. With this, SEBI has closed one of the most contentious chapters of the Hindenburg-Adani saga, offering significant relief to the conglomerate after prolonged scrutiny.