Stock prices of Adani Group surge following SEBI's favorable verdict: Insights for investors
In a significant development, India's capital markets regulator, SEBI, has given billionaire Gautam Adani's conglomerate a clean chit, dismissing allegations made by Hindenburg Research, a US short-seller. The SEBI decision, announced on September 18, 2025, comes after the Supreme Court-appointed expert panel had earlier stated that there was no prima facie evidence of wrongdoing by the Adani Group.
The regulator's conclusion could shape trading sentiment, especially for flagship companies like Adani Enterprises, Adani Power, and Adani Green Energy, which have been at the centre of volatility since January 2023. The controversy dates back to this time when US-based short-seller Hindenburg Research accused the Adani Group of funnelling money through three little-known firms - Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure into Adani Enterprises and Adani Power.
However, SEBI concluded that allegations of insider trading, market manipulation, and breaches of public shareholding rules were 'unsubstantiated.' This news has led to a sharp rally in the share prices of several Adani Group companies today.
Adani Total Gas led the surge, gaining as much as 10% in early trade today. Despite a 2% decline in the past six months, 22% year-on-year, and 19% in 2025, the company's share price has shown a significant recovery. Adani Power followed suit, surging 7% during morning trade. The share price of Adani Power has seen a positive trend, with a 21% increase in the past six months and 20% in 2025 so far, though it is still down 2% on a yearly basis.
Adani Enterprises, another flagship company, saw a 5% gain today, despite a 3% rise in the past six months and a 18% yearly decline. Adani Energy Solutions, which has seen a 3% increase in the past six months and 4% in 2025 so far, though still down 14% year-on-year, also saw a positive trend.
Adani Green Energy, which has struggled despite a 7% rise over the past six months, has shown a significant yearly decline of 50%. Ambuja, another company in the Adani Group, saw a drop of 14% in the past six months and 4% over the year. However, it has shown some resilience in 2025 with a 7% gain.
Shares of ACC, a part of the Adani Group, have been weaker, slipping 12% in the past six months and 24% year-on-year. In 2025 so far, the stock has fallen 9%.
According to SEBI board member Kamlesh C Varshney, the transactions cited in the Hindenburg report did not fall under related-party rules at the time. This reassurance from SEBI seems to have boosted investor confidence, leading to the rally in Adani Group stocks today.
