Adani Group stocks rise after SEBI dismisses some Hindenburg allegations

Adani Group stocks rose between 1% and 10% on Friday, a day after India’s market regulator dismissed parts of short-seller Hindenburg Research’s stock manipulation allegations against billionaire Gautam Adani and his conglomerate.

While the Securities and Exchange Board of India has cleared two charges against Adani group firms, 22 other orders are pending.

Adani Total Gas led gains among the nine entities with its 10% climb.

Adani Enterprises, the flagship firm, rose 4.3%.

India benchmarks open flat; Adani stocks climb as SEBI dismisses some Hindenburg allegations

Adani Power, which climbed 7.4%, was among the top gainers among the group stocks after Morgan Stanley started coverage on the power producer with “overweight” rating.

The SEBI launched its probe in 2023 after U.S.-based Hindenburg accused Adani Group of using tax havens and concealing related-party transactions. The charges, which the conglomerate had denied, wiped $150 billion off the group’s market value at the time, though most of its stocks have since rebounded.

“SEBI has reaffirmed what we have always maintained, that the Hindenburg claims were baseless.

Transparency and integrity have always defined the Adani Group,“ Gautam Adani, chairman of Adani Group, said late Thursday on social media platform X.

Adani Ports rose 2%, while Adani Green and Adani Energy Solutions rose nearly 4% each.