Adani Group stocks experienced significant increases on Friday, with gains ranging from 1% to 10%, following the dismissal of portions of short-seller Hindenburg Research’s allegations of stock manipulation against billionaire Gautam Adani and his conglomerate by India’s market regulator.
The Securities and Exchange Board of India (SEBI) cleared two allegations against Adani group companies, although 22 other orders remain unresolved. Leading the rise, Adani Total Gas surged by 10%, while Adani Enterprises, the flagship of the group, increased by 4.3%. Additionally, Adani Power saw a notable increase of 7.4%, following Morgan Stanley’s initiation of coverage with an “overweight” rating.
SEBI’s investigation began in 2023 after Hindenburg accused the Adani Group of engaging in practices involving tax havens and the concealment of related-party transactions. These accusations had initially led to a loss of $150 billion in market value for the conglomerate, although many of its stocks have since rebounded.
“SEBI has reaffirmed what we have always maintained, that the Hindenburg claims were baseless. Transparency and integrity have always defined the Adani Group,” wrote Gautam Adani, chairman of Adani Group, in a post on social media platform X on Thursday.
Adani Ports saw a 2% increase, while Adani Green and Adani Energy Solutions both rose nearly 4%.
Published on September 19, 2025.
