On Friday, Adani Group companies experienced a market capitalisation increase exceeding Rs 69,000 crore in just one trading session, driven by a surge of buying interest following SEBI’s favorable ruling in the Hindenburg case. The regulator’s decision, which dismissed claims of stock manipulation and related-party transactions, sparked a wave of investor confidence, leading to significant gains in Adani stocks across the board. Adani Power was the standout performer, soaring by 12.40 percent, making it the top gainer among the listed firms. Adani Total Gas rose by 7.35 percent, while Adani Green Energy and Adani Enterprises saw increases of 5.33 percent and 5.04 percent, respectively, according to stock exchange data.
Adani Energy Solutions also saw a rise of 4.70 percent, with several companies experiencing gains above 4.5 percent. Further supporting this momentum, Morgan Stanley began coverage on Adani Power, marking its first recommendation in over ten years, which is interpreted as a positive signal for the returning confidence of not only retail investors but also global institutional investors, many of whom had remained cautious since the Hindenburg-related decline. This rally followed SEBI’s conclusion of its investigation, which found no evidence supporting the allegations made by US-based short seller Hindenburg Research in early 2023. These allegations had previously wiped out nearly USD 150 billion in market value for Adani Group stocks, igniting a global discourse on governance, transparency, and political influence.
The clean chit is now perceived as a pivotal moment for the conglomerate and provides significant relief to investors who have been awaiting regulatory clarity to make new investments. Adani Group companies led the gainers on the exchanges, with increased trading volumes indicating heightened investor engagement.