Sebi clean chit in Hindenburg case triggers upto 13% rally in Adani stocks

This regulatory clean chit removes a significant overhang and is likely to bolster institutional investor confidence in Adani Ports, ICICI Securities said

Adani Group shares rallied up to 13 per cent on the BSE in Friday's intraday trade, aided by heavy volumes, after the Securities and Exchange Board of India (Sebi) concluded its investigation into the Group companies, dismissing all allegations of stock manipulation and accounting irregularities raised by Hindenburg Research.

 

The regulator found no evidence to substantiate the claims, marking a decisive legal and reputational win for the Adani group.

 

Following Sebi's move, the stock prices of Adani Group's listed companies surged up to 13 per cent on the BSE in the intraday trade. Among individual stocks, Adani Total Gas soared 13 per cent to ₹687.35. Adani Power hit a 52-week high of ₹686.95, having skyrocketed 9 per cent in the intraday trade.

 

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Adani Energy Solutions soared 6 per cent to ₹884.35, while Adani Enterprises, the Group's flagship company, rallied 5 per cent to ₹2,527.55 on the BSE in the intraday trade.

 

Adani Green Energy, and Adani Ports and Special Economic Zone, meanwhile, were up 5 per cent and 3 per cent, respectively. In comparison, the BSE Sensex was down 0.32 per cent at 82,749 at 09:27 AM.

 

That said, despite today's robust gains, Adani Group stocks are still up to 50 per cent below their respective 52-week highs.

 

Adani vs Hindenburg case

 

In January 2023, a short seller report (SSR) was published by US-based short seller Hindenburg Research, making certain allegations against some of Adani Group companies (including the parent company).

 

A year later, on January 3, 2024, the Supreme Court (SC) disposed of all matters in various petitions, including those relating to separate independent investigations relating to the allegation in SSR, and stated that Sebi should complete investigation in pending two matters and take its investigations to their logical conclusion in accordance with law.

 

Now, market regulator Sebi, on Thursday, September 18, 2025, closed proceedings against Adani group companies, Group Chairman Gautam Adani, and associated entities facing accusations of fund diversion, violations of related-party transactions (RPTs), and fraud. CLICK HERE FOR MORE DETAILS

 

This regulatory clean chit removes a significant overhang and is likely to bolster institutional investor confidence in Adani Ports. As India's largest private port operator, the ruling enhances its credibility in global partnerships and financing avenues—particularly in securing overseas port concessions and ESG-linked funding, ICICI Securities said in a note. The brokerage firm said it has a 'buy' rating on Adani Ports with share price target of ₹1,670.