On September 19, 2025, shares of the Adani Group experienced a significant uptick after India’s Securities and Exchange Board (SEBI) dismissed major accusations of market manipulation leveled by U.S. short-seller Hindenburg Research.
This ruling, announced the previous day, provided a much-needed boost to Gautam Adani’s vast business empire, with investors responding positively and driving widespread gains in stock prices.
Notable Increases Across Adani Entities
Every one of the nine publicly traded Adani companies recorded advances. Highlights include:
- Adani Power: Surged by 12.4%, supported by an “overweight” recommendation from Morgan Stanley.
- Adani Enterprises: Advanced 5% as the conglomerate’s core entity.
- Adani Total Gas: Increased by 7.3%.
- Adani Energy Solutions: Rose 4.7%.Adani Green: Gained 5.3%.
These gains reflect a resurgence of faith in Adani’s operations following a challenging phase marked by controversy.
SEBI’s Key Determinations
SEBI concluded that transactions involving Adani companies and entities highlighted by Hindenburg did not qualify as related-party dealings.
Consequently, they did not violate disclosure requirements or constitute market rigging. Back in 2023, Hindenburg had alleged the use of offshore tax shelters and concealed transactions, resulting in a massive $150 billion erosion in market capitalization.
Adani refuted these assertions, and SEBI’s verdict aids in rehabilitating the group’s reputation.
Focus on Market Rebound
Deven Choksey from DRChoksey FinServ observed, “The Hindenburg allegations triggered widespread alarm, but many overlooked Adani’s solid fundamentals.” Several firms have shown impressive recoveries:
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Adani Power: Up 17% from the report’s impact.
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Adani Ports: Climbed 89%.Ambuja Cement: Soared 145%.
Despite this, Adani Enterprises remains 28% short of its level before the Hindenburg report, with other stocks trailing by 20% to 80%.
Continuing Investigations by SEBI
SEBI continues to examine more than a dozen additional allegations concerning Adani and foreign investment funds. These could result in penalties or exonerations. While some ambiguity persists, the recent market enthusiasm indicates optimism among traders.
Future Outlook for Adani
This stock rally represents an encouraging development, yet Adani’s complete turnaround will rely on resolving outstanding inquiries and sustaining robust operational results.
With ambitious expansions in sectors like energy and infrastructure, the group is attracting endorsements from firms such as Morgan Stanley.
As the Indian financial landscape observes, Adani’s resilience in overcoming obstacles will define its trajectory ahead.
