Adani Shares Surge Up to 10% Following Sebi Clearance in Hindenburg Case

Adani Shares Surge After Sebi Clears Group of Hindenburg Allegations.

Shares of Adani Group companies jumped sharply on Friday following a clean chit from the Securities and Exchange Board of India (Sebi), which found no violations by the conglomerate or its chairman, Gautam Adani, in connection with allegations by US short-seller Hindenburg Research.

The rally was broad-based across the group’s listed entities. Adani Total Gas led with a 10% gain on the BSE, followed by Adani Power (up 7%) and Adani Enterprises (up nearly 5%). Adani Ports and SEZ rose around 2.5%, Adani Green Energy added 3.7%, Adani Energy Solutions gained 3.9%, while Ambuja Cements and ACC climbed close to 1% each. NDTV also jumped 5%.

Sebi issued two separate orders, stating that transactions highlighted in Hindenburg’s report did not constitute related-party dealings under the rules at the time. The regulator noted that loans cited in the report had been repaid with interest and found no evidence of funds being siphoned off. Consequently, Sebi dropped all proceedings against the group, ruling out any fraud or unfair trade practices.

Hindenburg had alleged in January 2021 that three entities—Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure—were used to route money between Adani firms to mask related-party transactions. Sebi’s findings dismissed these claims, emphasizing that no regulatory breach occurred.

The ruling is a significant relief for the Adani Group, which saw billions wiped off its market value following Hindenburg’s report but has gradually regained ground over the past year. Analysts say the Sebi clearance could restore investor confidence and attract renewed institutional inflows.