Adani Group sees Rs 69,000-cr surge in m-cap after SEBI’s clean chit in Hindenburg case 

In a stunning display of investor confidence, Adani Group companies gained over Rs 69,000 crore in market capitalisation in a single session on Friday. This surge was propelled by a buying frenzy after the Securities and Exchange Board of India (SEBI) cleared the conglomerate in the Hindenburg case, dismissing allegations of stock manipulation and misuse of related-party transactions. 

The SEBI order, which exonerated the Adani Group from all accusations raised by Hindenburg Research, led to a sharp increase in the prices of Adani stocks. Among the key gainers, Adani Power led the charge with a 12.40 percent surge, emerging as the top performer across the group’s listed companies. Other major stocks followed suit: Adani Total Gas rose 7.35 percent, Adani Green Energy gained 5.33 percent, and Adani Enterprises climbed 5.04 percent, as per stock exchange data. 

Additionally, Adani Energy Solutions saw a 4.70 percent increase, rounding out the list of companies with gains above 4.5 per cent. The rally was widespread across the Adani Group, with even companies like Sanghi Industries and ACC registering notable increases. 

The renewed investor interest was further fueled by Morgan Stanley initiating coverage on Adani Power, its first recommendation in more than a decade. This move is being interpreted as a positive sign, not just for retail investors but also for global institutional stakeholders who had been cautious since the Hindenburg-triggered crash in early 2023. 

The market’s response follows SEBI's investigation, which concluded without finding any evidence to support the allegations of fraud and market manipulation made by the US-based short-seller Hindenburg Research. Those claims had initially wiped out over $150 billion in market value from Adani Group stocks, sparking a global debate about corporate governance, transparency, and political influence. 

With SEBI’s clean chit now in place, the Adani Group is experiencing what many view as a watershed moment. Investors, who had been waiting for regulatory clarity before making fresh investments, are now seizing the opportunity to re-enter Adani stocks. 

The massive surge in market value across the group, including energy-related stocks, reflected heightened trading volumes and investor activity. Notably, Adani Power hit its 52-week high during the session. Other stocks, such as Adani Ports and Ambuja Cements, also saw modest gains, further contributing to the group’s overall growth. 

At the close of trading, the combined market valuation of all Adani Group companies stood at a staggering Rs 13.96 lakh crore, marking a significant recovery for the conglomerate. 

(With inputs from PTI)