Adani Group Stocks Add Nearly Rs 66,000 Crore In Market Cap After SEBI's Clean Chit

Adani Group companies' total market capitalisation rose by nearly Rs 66,000 crore on Friday after the Securities and Exchange Board of India said in its final order that allegations by the Hindenburg case could not be established.

The regulator imposed no penalty and cleared Adani Ports & Special Economic Zone Ltd., Adani Power Ltd., and Adani Enterprises Ltd. of any liabilities. Adani Group Chairperson Gautam Adani and Adani Enterprises Managing Director Rajesh Adani were also cleared.

No liabilities were also found on Jugeshinder Singh, Milestone Tradelinks Pvt. Ltd. and Rehvar Infrastructure Pvt. Ltd.

As per the SEBI order, no violation was found on account of related-party transactions. The market watchdog also found no manipulative transactions or unfair trade practices.

The case stemmed from Hindenburg’s Jan. 24, 2023 report, which alleged that Adani Group entities used private firms — Adicorp Enterprises Pvt. Ltd., Milestone Tradelinks, and Rehvar Infrastructure — as conduits to route funds into listed companies Adani Power and Adani Enterprises.

Adani Power Ltd., which is set to go ex-trade for its maiden stock split on Monday, settled 12.4% higher. The stock closed at its highest since August 2024.

Adani Total Gas Ltd. jumped 7.3%.

The flagship Adani Enterprises Ltd. soared 5.1% and Adani Green Energy Ltd. popped 5.3%.

The benchmark Nifty and Sensex were down 0.4% and 0.5%, respectively.

SEBI's clean chit to the Adani Group will get reflected on the sentiment of investors in the coming days, Deven Choksey, managing director of DRChoksey FinServ Pvt., told NDTV Profit.

“Because of these (Hindenburg) allegations, a lot of foreign investors couldn’t invest in the stock. But now with a double seal, it provides a very strong case of corporate governance and a clean chit. And this will likely lead to massive re-rating in the next few months," he said.