Adani Group stocks jumped sharply in Friday morning trading, led by Adani Total Gas and Adani Power, as the market reacted to the latest Securities and Exchange Board of India (SEBI) order on the Gautam Adani-led conglomerate.
SEBI, India’s market regulator, delivered its final verdict late Thursday, giving billionaire Gautam Adani and his Group of companies a clean chit on all allegations of stock manipulation and related-party irregularities raised by US-based Hindenburg Research more than two years ago.
On the BSE, Adani Total Gas stole the show, soaring 13.27 per cent in just one trading session.
Adani Power surged close behind with an 8.89 per cent jump, followed by Adani Energy Solutions (up 5.53 per cent), Adani Green Energy (up 5.45 per cent) and Adani Enterprises (up 5.23 per cent).
Other Adani-related names saw strong moves: NDTV (up 4.98 per cent), Adani Ports (up 2.80 per cent), Sanghi Industries (2.62 per cent), ACC (1.64 per cent) and Ambuja Cements (1.33 per cent).
The rally reflects investor confidence returning after months of uncertainty.
SEBI’s investigation looked into allegations that Adani-linked companies routed funds through shell firms to manipulate stock prices and hide beneficial ownership.
After looking over years of transactions and headlines, SEBI found no evidence of fraud or market manipulation.
“The allegations…are not established. The question of devolvement of any liability does not arise,” said SEBI whole-time member Kamlesh Chandra Varshney in the order.
Crucially, SEBI clarified that the transactions highlighted by Hindenburg were standard loans repaid with interest, not ‘related party transactions’ as defined by law at the time.
No public shareholding or disclosure rules were broken, and there was no misleading of investors or foul play with securities acquisition. SEBI made it clear that regulations cannot be applied retrospectively, putting to rest any worries about past transactions.
Gautam Adani calls for apology
Gautam Adani, Chairman of Adani Group, responded with a statement on X: “After an exhaustive investigation, SEBI has reaffirmed what we have always maintained, that the Hindenburg claims were baseless.”
The Hindenburg’s report wiped off nearly $100 billion from the Group’s market value. With the latest SEBI order, Adani said his faith in India’s institutions and commitment to nation-building was “unwavering”.
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He also called for those who spread false narratives to apologise to the nation. The final SEBI order applies to Adani Ports, Adani Power, Adani Enterprises, Rajesh Adani, Gautam Adani, Jugeshinder Singh (CFO), Milestone Tradelinks and Rehvar Infrastructure.
The clean chit is seen as removing a major “overhang” over Adani stocks, letting the Group focus on business and growth. The latest surge is likely to be interpreted by ordinary retail investors as a clear signal that the regulatory storm has passed, at least for now.