Adani Power up 130% since Hindenburg 2023 report; how AEL, Adani Ports, Adani Green fared
Adani Energy Solutions at Rs 1 lakh crore m-cap is trading at one-third of Rs 3,07 crore market value it commanded in January 2023, falling 67 per cent. Adani Green Energy is down 47 per cent since.
- Sep 19, 2025,
- Updated Sep 19, 2025 10:07 AM IST
Adani Power shares have more than doubled since Hindenburg Research’s report in January 2023, while Adani Ports and Special Economic Zone Ltd (APSEZ) and Ambuja Cements also delivered healthy gains. That said, most of the 10 Adani Group’s listed stocks at the time are still down 20–85 per cent since the damning report. The market capitalisation of these 10 stocks stood at Rs 13,67,849.65 crore as on Thursday compared with Rs 19,19,888.44 crore on January 24, 2023, down 28.75 per cent.
“We deeply feel the pain of investors who lost money because of this fraudulent and motivated report,” Gautam Adani, Chairman at Adani group said in an X post.
Adani said those who spread false narratives owe the nation an apology.
Data showed Adani Total Gas is down 84.38 per cent since January 2023. The listed company commanded a market capitalisation of Rs 66,736.48 at present against Rs 4,27,325.71 crore in January 2023. Adani Energy Solutions at Rs 1 lakh crore m-cap is trading at one-third of Rs 3,07 crore market value it commanded in January 2023, falling 67 per cent. Adani Green Energy is down 47 per cent since, while ACC Ltd, New Delhi Television Ltd and Adani Enterprises Ltd have fallen 20-30 per cent over the same period.
Nate Anderson, founder of US short-seller Hindenburg Research, disbanded his team in January this year. His January 2023 report on the Adani Group had wiped out $150 billion in market value from the conglomerate’s listed firms.
Adani Power rose 130 per cent to Rs 630.85 apiece from Rs 274.80 per share, nearly three years ago. Adani Ports and Ambuja Cements gained 86 per cent and 17 per cent, respectively.
SEBI said there was no violation of the Listing Agreement or SEBI (LODR) Regulations, as the transactions in question did not qualify as “related party transactions.” The regulator also found no breach of Section 12A of the SEBI Act or SEBI (PFUTP) Regulations, as alleged in the SCN.
“Once it is established that there is no violation of these two main issues, it logically follows that there is no violation of any other related allegations concerning non-disclosure or approval of related party transactions,” SEBI added.
The allegations had claimed that Adani Ports & Special Economic Zone Ltd, Adani Power Ltd, and Adani Enterprises Ltd routed transactions through Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure to conceal related party dealings, allegedly bypassing the Listing Agreement and SEBI (LODR) Regulations.
SEBI’s probe, which traced the flow of funds, found that while Adani Ports had advanced loans to Adicorp Enterprises, there was no evidence that these funds were round-tripped or diverted into the Group’s listed companies. The investigation closes one of the most debated chapters of the Hindenburg-Adani controversy, providing the conglomerate relief after nearly three years of scrutiny.
Adani Power shares have more than doubled since Hindenburg Research’s report in January 2023, while Adani Ports and Special Economic Zone Ltd (APSEZ) and Ambuja Cements also delivered healthy gains. That said, most of the 10 Adani Group’s listed stocks at the time are still down 20–85 per cent since the damning report. The market capitalisation of these 10 stocks stood at Rs 13,67,849.65 crore as on Thursday compared with Rs 19,19,888.44 crore on January 24, 2023, down 28.75 per cent.
“We deeply feel the pain of investors who lost money because of this fraudulent and motivated report,” Gautam Adani, Chairman at Adani group said in an X post.
Adani said those who spread false narratives owe the nation an apology.
Data showed Adani Total Gas is down 84.38 per cent since January 2023. The listed company commanded a market capitalisation of Rs 66,736.48 at present against Rs 4,27,325.71 crore in January 2023. Adani Energy Solutions at Rs 1 lakh crore m-cap is trading at one-third of Rs 3,07 crore market value it commanded in January 2023, falling 67 per cent. Adani Green Energy is down 47 per cent since, while ACC Ltd, New Delhi Television Ltd and Adani Enterprises Ltd have fallen 20-30 per cent over the same period.
Nate Anderson, founder of US short-seller Hindenburg Research, disbanded his team in January this year. His January 2023 report on the Adani Group had wiped out $150 billion in market value from the conglomerate’s listed firms.
Adani Power rose 130 per cent to Rs 630.85 apiece from Rs 274.80 per share, nearly three years ago. Adani Ports and Ambuja Cements gained 86 per cent and 17 per cent, respectively.
SEBI said there was no violation of the Listing Agreement or SEBI (LODR) Regulations, as the transactions in question did not qualify as “related party transactions.” The regulator also found no breach of Section 12A of the SEBI Act or SEBI (PFUTP) Regulations, as alleged in the SCN.
“Once it is established that there is no violation of these two main issues, it logically follows that there is no violation of any other related allegations concerning non-disclosure or approval of related party transactions,” SEBI added.
The allegations had claimed that Adani Ports & Special Economic Zone Ltd, Adani Power Ltd, and Adani Enterprises Ltd routed transactions through Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure to conceal related party dealings, allegedly bypassing the Listing Agreement and SEBI (LODR) Regulations.
SEBI’s probe, which traced the flow of funds, found that while Adani Ports had advanced loans to Adicorp Enterprises, there was no evidence that these funds were round-tripped or diverted into the Group’s listed companies. The investigation closes one of the most debated chapters of the Hindenburg-Adani controversy, providing the conglomerate relief after nearly three years of scrutiny.