Adani Group stocks rally up to 19%; Adani Enterprises up 3% in muted market

The Adani Group gained ₹66,000 crore in market capitalisation on Friday after Sebi gave a clean chit regarding the Hindenburg Research allegations

Shares of Adani Enterprises extended gains on Monday, gaining over 3 per cent, as the conglomerate pushed for accountability against Hindenburg Research after the market regulator gave a clean chit.  

 

The Adani group flagship's stock rose as much as 3.41 per cent during the day to ₹2,610 per share. The stock pared gains to trade 3.1 per cent higher at ₹2,601 apiece, compared to a 0.04 per cent decline in Nifty 50 as of 9:48 AM. Since Friday, the stock has risen by over 8.5 per cent. 

 

Shares of the company rose for the second session and currently trade at 5.4 times the average 30-day trading volume, according to Bloomberg. The counter has risen 2.8 per cent this year, compared to a 7 per cent advance in the benchmark Nifty 50. The Adani Group gained ₹66,000 crore in market capitalisation on Friday. 

 

Shares of Adani Power rallied nearly 19 per cent as the stock turned ex-split on Monday. Adani Green Energy rose 6 per cent, while Adani Energy Solutions and Adani Ports advanced 3 per cent and 1.5 per cent, respectively. 

Adani seeks accountability against Hindenburg 

The Adani Group is pushing for accountability against Hindenburg Research after the US firm's allegations wiped out almost $150 billion in shareholder value in 2023 before being dismissed by regulators, Business Standard reported earlier. 

 

"With Sebi’s (Securities and Exchange Board of India’s) orders behind us, the real question is who will hold Hindenburg responsible for the losses inflicted on millions of investors," the report said, quoting a person familiar with the matter. While the short-seller profited from the turmoil, retail investors bore the cost, the report said. 

 

In January 2023, Adani Group’s listed companies lost nearly $150 billion in value, foreign investors pulled back, and Sebi itself faced accusations of regulatory failure.

Sebi gives clean chit to Adani 

In two separate orders issued on Thursday, the Securities and Exchange Board of India (Sebi) cleared the group of charges relating to alleged fund diversion and violations of related-party transaction norms. 

 

The regulator ruled that the transactions highlighted by Hindenburg in its 2023 report could not be classified as related-party deals. Consequently, the Adani firms could not be found guilty of breaching disclosure obligations or engaging in market manipulation.

 

“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,” Gautam Adani, chairman, Adani group, wrote on X following the regulator’s orders.