Adani Group stocks climb after SEBI dismisses Hindenburg allegations

Adani Group stocks rose between 1% and 10% on Friday, a day after Securities and Exchange Board of India (SEBI) dismissed parts of short-seller Hindenburg Research’s stock manipulation allegations against billionaire Gautam Adani and his conglomerate.

While the SEBI has cleared two charges against Adani group firms, 22 other orders are pending.

Adani Total Gas led gains among the nine entities with its 10% climb. Adani Enterprises, the flagship firm, rose 4.3%.

Adani Power, which climbed 7.4%, was among the top gainers among the group stocks after Morgan Stanley started coverage on the power producer with “overweight” rating.

The SEBI launched its probe in 2023 after U.S.-based Hindenburg accused Adani Group of using tax havens and concealing related-party transactions. The charges, which the conglomerate had denied, wiped $150 billion off the group’s market value at the time, though most 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,” Gautam Adani, chairman of Adani Group, said late Thursday on social media platform X.

Adani Ports rose 2%, while Adani Green and Adani Energy Solutions rose nearly 4% each.