Adani group stocks experienced a rally in an otherwise weak market, with the combined market capitalization increasing by ₹69,000 crore following the announcement by the Securities and Exchange Board of India (SEBI) that cleared the group and its top executives of any wrongdoing, as alleged by Hindenburg Research over two years ago.
The nine companies within the Adani group saw stock increases ranging from 0.3% to 12.4%, with Adani Power recording the highest gain. The group’s total market capitalization stood just below ₹14 lakh crore, though this figure remains below the ₹19 lakh crore peak observed before the Hindenburg allegations.
The clean slate provided by SEBI triggered relief among investors, revitalizing confidence in the group, which has established itself as a major infrastructure player in India, with interests spanning ports, airports, and power generation projects. Adani Energy Solutions rose by 4.7%, while Adani Green Energy increased by 5.3%. Additionally, Adani Enterprises, the flagship entity, gained 5%, and Adani Total Gas surged by 7.4%.
Following the accusations from Hindenburg Research, which claimed the group was involved in fund diversion and stock manipulation, Adani stocks suffered a significant downturn that resulted in approximately $150 billion in lost market value. The group’s market capitalization plummeted to just over ₹7 lakh crore at its lowest.
The investigation by SEBI, initiated in 2023, has taken considerable time to conclude; however, the regulator reported no findings of fraud, market manipulation, or fund diversion. Furthermore, a Supreme Court-mandated six-member committee tasked with examining the Hindenburg allegations also largely exonerated the group.
Published on September 19, 2025.
