Adani Group Stocks Surge After SEBI Dismisses Hindenburg Charges

Adani Group stocks rallied on Friday, (19 September) climbing between 1 per cent and 9.6 per cent, after the Securities and Exchange Board of India (SEBI) dismissed allegations made by US short seller Hindenburg Research against Chairman Gautam Adani and the group’s companies, reported NDTV.

In early trade, Adani Total Gas led the rally with a 10 per cent jump, while flagship Adani Enterprises advanced 4.3 per cent.

Adani Power surged 7.4 per cent, emerging as one of the top gainers. Adani Ports rose 2 per cent, and both Adani Green Energy and Adani Energy Solutions gained nearly 4 per cent each.

SEBI issued two orders on Thursday (18 September), concluding that the Adani Group had not violated regulations.

The regulator stated that the alleged transactions with Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure occurred when such dealings with unrelated parties did not fall under related-party transaction norms.

That definition, SEBI noted, was revised later.

Reacting to the clean chit, Gautam Adani said the findings validated the company’s stance.

“After an exhaustive investigation, SEBI has reaffirmed what we have always maintained, that the Hindenburg claims were baseless. Transparency and integrity have always defined the Adani Group. We deeply feel the pain of the investors who lost money because of this fraudulent and motivated report. Those who spread false narratives owe the nation an apology,” he posted on X.

In January 2023, Hindenburg had alleged that the Adani Group routed funds through three entities to manipulate accounts—a charge SEBI has now rejected.

Please click here to add Swarajya as your preferred and trusted news source on Google.

Also Read: Karnataka CEO Refutes Rahul Gandhi’s ‘Vote Deletion’ Allegations, Says All Aland Case Details Shared With Police