Shares in Adani Group companies surged on Friday after markets regulator SEBI cleared the conglomerate of allegations made by US short-seller Hindenburg Research.
Adani Power rose 12.4 per cent, closing at its highest level since August 2024, ahead of a planned stock split next week. Adani Total Gas gained 7.3 per cent, Adani Enterprises advanced 5.1 per cent and Adani Green Energy rose 5.3 per cent. Other group firms, including Adani Energy Solutions, Adani Ports, ACC and Ambuja Cements, among others, also ended higher. The combined market capitalisation of Adani firms increased by nearly Rs 66,000 crore, taking the group’s valuation to about Rs 13.96 lakh crore.
The broader market indices, the Nifty and Sensex, fell by 0.4 per cent and 0.5 per cent, respectively.
“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,” Deven Choksey of DRChoksey FinServ told NDTV Profit.
Gautam Adani welcomed the outcome, calling for an apology from those who, he said, spread “false narratives” using Hindenburg’s “fraudulent and motivated” report.
“After an exhaustive investigation, SEBI has reaffirmed what we have always maintained, that the Hindenburg claims were baseless. Transparency and integrity have always defined the Adani Group. We deeply feel the pain of the investors who lost money because of this fraudulent and motivated report. Those who spread false narratives owe the nation an apology,” he posted on X.
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