Adani Stocks Surge Post-SEBI Ruling

Adani Group stocks jumped on Friday, September 19, 2025, after India’s Securities and Exchange Board (SEBI) rejected key claims of stock manipulation by U.S. short-seller Hindenburg Research.

The decision, shared on Thursday, signals relief for billionaire Gautam Adani’s conglomerate. Investors cheered, pushing share prices higher across the board.

Strong Gains for Adani Companies

All nine listed Adani firms saw gains. Here’s a quick look:

• Adani Power: Up 12.4%, boosted by Morgan Stanley’s “overweight” rating.
• Adani Enterprises: Climbed 5% as the group’s flagship.
• Adani Total Gas: Rose 7.3%.
• Adani Energy Solutions: Gained 4.7%.
• Adani Green: Increased 5.3%.

These rises show renewed trust in Adani’s future after a tough period.

What SEBI Found

SEBI ruled that deals between Adani firms and entities flagged by Hindenburg weren’t related-party transactions. This means they didn’t break disclosure rules or manipulate markets.

In 2023, Hindenburg accused Adani of using tax havens and hiding deals, causing a $150 billion drop in market value. The group denied the claims, and SEBI’s ruling helps clear its name.

Market Recovery in Focus

“The Hindenburg report caused a panic, but investors didn’t check Adani’s strong financials,” said Deven Choksey of DRChoksey FinServ. Some companies have bounced back:

• Adani Power: Up 17% since the report.
• Adani Ports: Soared 89%.
• Ambuja Cement: Skyrocketed 145%.

However, Adani Enterprises is still 28% below its pre-Hindenburg peak. Other group stocks lag by 20% to 80%.

Ongoing SEBI Probes

SEBI is still looking into over a dozen other claims about Adani and offshore funds. These could lead to fines or be dismissed. For now, uncertainty remains, but Friday’s rally suggests investors are hopeful.

What’s Next for Adani?

The stock surge is a positive sign, but Adani’s full recovery depends on clearing remaining probes and keeping up strong performance.

With big plans in energy, infrastructure, and more, the group is gaining support from investors like Morgan Stanley. As India’s market watches, Adani’s ability to move past challenges will shape its future.

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