Shares of the Adani Group witnessed a strong rise on Friday, September 19, 2025, collectively adding around ₹66,000 crore to their market capitalization. This surge came in response to the Securities and Exchange Board of India (SEBI) dismissing significant allegations leveled by the U.S.-based short-seller Hindenburg Research against the conglomerate.
Leading the gains was Adani Power, which jumped 12.4% to close at its highest level since August 2024, buoyed further by the announcement of a forthcoming stock split. Other major group companies, including Adani Total Gas, Adani Enterprises, and Adani Green Energy, also saw notable increases, pushing the group’s total market value to roughly ₹13.96 lakh crore.
SEBI’s order cleared the group of key charges related to stock manipulation and questionable related-party transactions, restoring some investor confidence that had been shaken by the Hindenburg report. Analysts now believe the ruling may pave the way for a re-rating of Adani stocks, particularly encouraging foreign investors who had been cautious.
Gautam Adani welcomed the SEBI decision, urging an apology from those who propagated what he called “false narratives” based on Hindenburg’s “fraudulent and motivated” report. He reiterated the group’s commitment to transparency and integrity.
However, SEBI’s investigations are ongoing, with over a dozen other allegations still under review. These include potential violations of securities laws and shareholder misclassification, meaning further regulatory scrutiny remains possible.
Despite the positive momentum, some group firms are still recovering from the Hindenburg-triggered selloff. Adani Enterprises, for example, remains 28% below its pre-Hindenburg levels, while other companies continue to trade 20-80% lower. In contrast, Adani Power, Adani Ports, and Ambuja Cement have already surpassed previous losses, showing substantial rebounds.
The market’s favorable response to SEBI’s ruling signals a possible turning point for the Adani Group, as it seeks to rebuild investor trust and navigate ongoing regulatory challenges.
Also Read: SEBI Clears Adani of Hindenburg Allegations; Group Stocks Jump