Adani Stocks Rally 10% After SEBI Gives Clean Chit in Hindenburg Allegations

Adani Shares Soar After Sebi Clears Group of Hindenburg Allegations.

Shares of Adani Group companies jumped on Friday after the Securities and Exchange Board of India (Sebi) found no wrongdoing by the conglomerate or its chairman, Gautam Adani, in connection with allegations by US short-seller Hindenburg Research.

Adani Total Gas led the rally, surging 10%, followed by Adani Power (+7%), Adani Enterprises (+5%), Adani Green Energy (+3.7%), and Adani Energy Solutions (+3.9%). Adani Ports & SEZ rose 2.5%, Ambuja Cements and ACC added about 1% each, while NDTV jumped 5%.

Sebi said the transactions cited by Hindenburg were not classified as related-party dealings at the time, and all loans highlighted were repaid with interest. The regulator concluded there was no fraud or unfair trade practice, dropping all proceedings against the group.

Hindenburg had alleged in January 2021 that three companies—Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure—were used to route money between Adani firms. Sebi’s findings dismissed these claims. The ruling offers a boost to the group, which lost billions in market value after the report, and could restore investor confidence while attracting renewed institutional inflows.