- India,
- 19-Sep-2025 01:06 PM IST
Adani Group Shares: Friday turned out to be historic for Adani Group and its millions of investors. On Thursday, the Securities and Exchange Board of India (SEBI) issued two separate orders dismissing all allegations made in the controversial 2023 report by U.S. short-seller Hindenburg Research. SEBI cleared Adani Group, its founder Gautam Adani, and related entities of charges of stock manipulation, insider trading, and violations of Related Party Transaction (RPT) norms.
As a result, Adani Group stocks skyrocketed when markets opened on Friday, adding nearly ₹48,000 crore to the conglomerate’s overall market capitalization in a single day.
Investor Confidence Restored
This decision not only provided relief to the Adani Group but also boosted investor confidence in the transparency and regulatory process of Indian markets. Responding on X (formerly Twitter), Gautam Adani said, “SEBI has reiterated what we always maintained—Hindenburg’s claims were baseless. Transparency and integrity have always defined Adani Group.” He also demanded an apology from those who spread “false narratives” based on the “fraudulent and motivated” report.
Stock Market Rally: Adani Total Gas Leads
Immediately after SEBI’s verdict, Adani Group shares rallied at rocket speed. Adani Total Gas surged the most, soaring 13.27% in early trade. Adani Power climbed 8.89%, Adani Energy Solutions 5.53%, Adani Green Energy 5.45%, and Adani Enterprises 5.23%.
Other companies also gained: Adani Ports and SEZ (2.80%), Sanghi Industries (2.62%), ACC (1.64%), Ambuja Cements (1.33%), and NDTV (4.98%). Analysts noted that relief buying and short covering drove the rally, and if earnings remain strong, momentum could sustain.
Market Cap Jumps ₹48,612 Crore
The single-day rally boosted Adani Group’s combined market capitalization by ₹48,612 crore. This underscores how SEBI’s clean chit restored investor confidence, which had been shaken for nearly two years.
Hindenburg Controversy: The Background
The crisis began on January 24, 2023, when U.S. firm Hindenburg Research accused Adani Group of stock manipulation, insider trading, misuse of tax havens, and RPT violations. The report alleged that shell entities such as Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure were used as conduits to funnel funds into listed Adani entities like Adani Power and Adani Enterprises.
Following the report, Adani Group stocks crashed, wiping out nearly $150 billion (₹12 lakh crore) in market value. The Supreme Court asked SEBI to probe, which led to an extensive investigation in 2023. SEBI has now clarified that the transactions did not fall under “related party” criteria, disclosures were not required, loans were repaid on time, and no fraud was established.
Looking Ahead: Bright Prospects Amid Challenges
While SEBI’s verdict is a huge relief, challenges remain. A U.S. Department of Justice inquiry into an alleged bribery scheme is still pending. In 2025, Adani stocks have shown mixed performance—Adani Ports and Adani Power gained 16–20%, while Adani Total Gas and Adani Green Energy fell nearly 19%.
Analysts believe this clean chit will accelerate the group’s growth plans in green energy, ports, and cement sectors. However, they advise caution due to market volatility. Overall, the episode is a reminder for India’s corporate sector: in the end, truth prevails.