Adani Group stocks extended their rally in early trade on Friday after SEBI clears Allegations in Hindenburg case, with Adani Total Gas hitting the day’s high at ₹687.35 compared to its previous close of ₹606.80, up 8.55% on the BSE at 9:45 am. Adani Power surged nearly 9% to ₹686.95, while Nifty 50 heavyweight Adani Enterprises advanced 5% to ₹2,527.55. Other group firms, including Adani Energy Solutions, Adani Green Energy and Adani Ports, gained between 2% and 3%. The momentum also spilled over to the group’s cement arms, with ACC and Ambuja Cements, along with Sigachi Industries, adding close to 1% each.
Adani Total Gas led the rally, hitting the upper circuit with a 10% jump, followed by Adani Power, which rose 7.4%. Adani Enterprises, the group’s flagship company, climbed 4.3%, while Adani Ports added 2%. Adani Green Energy and Adani Energy Solutions gained nearly 4% each.
The sharp rally added over ₹46,000 crore to the group’s market capitalization, taking it to ₹13.8 lakh crore, as investors cheered the end of a regulatory cloud that had loomed since January 2023.
In its final order on Thursday (September 18), SEBI ruled out any violations of related party transaction norms or evidence of stock manipulation by Gautam Adani, Rajesh Adani, or other group entities. Responding to the development, Gautam Adani wrote on X that “transparency and integrity have always defined the Adani Group.”
Adani’s Hindenburg Case
In January 2023, US-based short-seller Hindenburg Research released a damning report accusing the Adani Group of stock manipulation, accounting irregularities and improper use of offshore entities, sparking a market rout that wiped out more than \$100 billion of the conglomerate’s value. The allegations triggered political uproar, with opposition parties demanding scrutiny, and the Supreme Court directing the Securities and Exchange Board of India (SEBI) to investigate.
After nearly 20 months of probe, SEBI, in its final order on September 18, 2025, dismissed all charges, stating it found no evidence of stock manipulation, fund siphoning or violations of related-party transaction norms by Gautam Adani, his brother Rajesh Adani or any group entity. The ruling lifted the regulatory overhang that had dogged the group since early 2023, sending Adani stocks soaring the following day, with Adani Total Gas, Adani Power and Adani Enterprises among the top gainers. The group’s market capitalization rose by over ₹46,000 crore to ₹13.8 lakh crore, as investors welcomed the regulator’s clean chit. Responding to the verdict, Gautam Adani said on X that “transparency and integrity have always defined the Adani Group.”
