Adani Group Gains Rs 1.8 Lakh Crore In M-Cap Post SEBI Clean Chit, Adani Power Leads Rally

Adani Group stocks have added Rs 1.8 lakh crore in market value over the past two sessions, pushing their combined market capitalisation past Rs 15 lakh crore after the Securities and Exchange Board of India cleared the conglomerate of Hindenburg's allegations.

The rally was led by Adani Power, Adani Total Gas, Adani Green Energy, and Adani Energy Solutions, with analysts now shifting their attention back to fundamentals and long-term growth.

Adani Power recorded the sharpest jump, rising 35% over the two days. The timing coincided with SEBI's dismissal of stock manipulation charges; its 1:5 stock split, and a bullish call from Morgan Stanley, which last week initiated coverage with an "overweight" rating. On Monday, as the stock turned ex-bonus, it hit the 20% upper circuit.

Adani Total Gas emerged as the second-biggest gainer, up 19% in a single day, taking its two-session rally to nearly 27%. Adani Green Energy and Adani Energy Solutions also rose around 12% each.

The SEBI verdict has removed a major regulatory overhang for the conglomerate, which has faced turbulence since Hindenburg's January 2023 report accusing it of accounting fraud and stock manipulation.

The short-seller's charges, in 2023, triggered a market crash that erased over $100 billion in value at its peak and sparked both regulatory probes and political controversy. However, the stock began recovering soon after.

Meanwhile, global investor interest is returning. Last week, Jefferies’ Chris Wood announced he had sold shares of Reliance Industries to buy Ambuja Cements for his India long-only portfolio, which already includes Adani Ports. For Adani Power, Morgan Stanley projected capacity to grow nearly 2.5x from 18.15 GW in FY25 to 41.9 GW by FY32, raising its coal-based market share from 8% to 15%.

"APL is a strong example of corporate turnaround, with regulatory issues resolved and multiple value-accretive acquisitions. It is poised for earnings growth driven by timely project completions and more PPA wins," Morgan Stanley said.

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