Bulls Board Adani Group Stocks for Joy Rides after SEBI Report

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Investor sentiment soared as SEBI cleared Adani Group of alleged violations flagged by Hindenburg Research. Adani Power hit upper circuit (+20%), with Adani Total Gas (+17%) and Adani Green Energy (+9%) leading a broad rally.

By S JHA

MUMBAI, September 22, 2025 —Shares of the Adani Group surged on Monday after the Securities and Exchange Board of India (SEBI) gave the conglomerate a clean chit in the high-profile Hindenburg Research case. The market watchdog found no evidence of stock manipulation or regulatory violations, a verdict that triggered a wave of optimism among investors.

According to StockEdge data, Adani Power hit the upper circuit with a 20% gain, while Adani Total Gas soared 17%. Adani Green Energy jumped nearly 9%, and Adani Enterprises climbed over 4%. Other group companies including Adani Energy Solutions, Ambuja Cements, and NDTV also posted significant gains.

In January 2023, US-based short-seller Hindenburg Research published a scathing report alleging stock manipulation, accounting irregularities, and excessive debt levels within the Adani Group. The claims triggered a market rout that wiped out over $100 billion in market value and sparked global scrutiny.

SEBI launched a detailed investigation into the allegations, focusing on shareholding patterns, related-party transactions, and offshore entities linked to the group. After nearly two years of inquiry, SEBI concluded in September 2025 that there was no conclusive evidence to substantiate Hindenburg’s claims.

This regulatory clearance has lifted a cloud of uncertainty that loomed over the conglomerate, restoring investor confidence and paving the way for potential new fundraising and expansion plans.

Analysts say the clean chit marks a turning point for the group, which has aggressively invested in infrastructure, renewable energy, and green hydrogen projects to align with India’s long-term growth story.

With today’s rally, Adani Group stocks are once again back in focus, showing renewed momentum after one of the most turbulent chapters in India’s corporate history.

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