Adani Stocks Rally as SEBI Dismisses Hindenburg Case

Adani Stocks See Sharp Gains

• Adani Power soared 8.53% to hit ₹684.70.

• Adani Enterprises hit the 5% upper circuit at ₹2,521.35.

• Adani Green Energy advanced 4.47% to ₹1,022.70.

• Adani Ports & SEZ rose 2.58% to ₹1,448.75.

• Adani Energy Solutions gained 4.35% to ₹874.40.

• ACC and Ambuja Cements added 1% each, while NDTV jumped 5% to ₹129.55.

The strong rally reflects renewed investor trust after years of scrutiny following Hindenburg’s explosive January 2023 report that had erased over $150 billion in market value.

SEBI’s Findings

In its order, SEBI concluded that:

• Transactions involving Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure did not violate Listing Agreement or SEBI (LODR) Regulations.

• These dealings did not qualify as undisclosed related-party transactions.

• No breach of Section 12A of the SEBI Act or SEBI (PFUTP) Regulations was established.

The regulator also clarified that although Adani Ports had advanced loans to Adicorp, there was no evidence of funds being round-tripped or diverted improperly into Adani Group’s listed companies.

Adani Group’s Response

Adani Group Chairman Gautam Adani welcomed SEBI’s ruling, stating:

“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.”

He further expressed solidarity with investors, adding:

“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.”

The End of a Three-Year Scrutiny

The SEBI order closes one of the most debated chapters in India’s corporate history. Hindenburg’s 2023 report accused Adani Group of accounting irregularities and stock manipulation, triggering massive sell-offs and sparking global headlines.

With SEBI’s probe clearing the group of regulatory violations, Adani has gained significant relief and fresh momentum in the markets. The development is also expected to reassure long-term investors and strengthen India’s corporate governance framework.

Conclusion

The dismissal of the Hindenburg case by SEBI marks a turning point for Adani Group, allowing it to move past a storm of allegations that clouded its growth story for nearly three years. With investor confidence returning and stocks rebounding, the conglomerate looks poised to focus once again on infrastructure, energy, and growth-driven projects that have made it a major force in India’s economy.