Adani Group Stocks Rally After SEBI Clears Key Allegations

Adani Group shares surged on Friday, climbing between 1% and 10%, after India’s market regulator, the Securities and Exchange Board of India (SEBI), dismissed parts of the stock manipulation allegations made by U.S.-based short-seller Hindenburg Research. The move brought renewed investor confidence, though 22 other regulatory orders are still pending.

Adani Total Gas led the rally with a 10% jump, while Adani Enterprises, the conglomerate’s flagship company, gained 4.3%. Adani Power soared 7.4% following Morgan Stanley’s initiation of coverage with an “overweight” rating, making it one of the top performers. Other group companies, including Adani Ports, Adani Green Energy, and Adani Energy Solutions, also recorded notable gains of 2% to nearly 4%.

SEBI launched its probe in 2023 after Hindenburg accused the Adani Group of using offshore tax havens and concealing related-party transactions. The allegations initially wiped out around $150 billion in market value, sparking global scrutiny of the conglomerate. Adani Group, however, has consistently denied the claims.

Responding to SEBI’s latest findings, chairman Gautam Adani said the regulator’s decision reaffirmed the group’s position, calling the allegations “baseless” and highlighting the company’s commitment to transparency and integrity. His statement on X, formerly Twitter, emphasized that the group has always operated with accountability.

The recent rally reflects investor optimism as the Adani Group continues to recover from the financial and reputational damage caused by the Hindenburg report. With regulatory clarity improving, analysts expect sustained momentum in its stock performance, particularly in energy, ports, and infrastructure businesses.

The gains underline the conglomerate’s resilience and growing confidence among global investors, positioning Adani Group as a key player in India’s expanding economy.