Adani Group Exonerated in SEBI Probe; Shares Surge

New Delhi, September 19, 2025: Adani Group companies was witnessed on Friday after the Securities and Exchange Board of India (SEBI) disposed of proceedings against the conglomerate. The market regulator’s final order, which was made public on Thursday, found that allegations of stock manipulation and accounting fraud, originally made in a report by US short-seller Hindenburg Research, could not be established.

The share prices of Adani Group’s listed entities saw a sharp rally, with some stocks soaring by as much as 10% in the early trading session. Adani Total Gas was the leader of the surge, with its shares climbing by 10%. This was followed by Adani Power, which rose by 7%, and the flagship Adani Enterprises, which advanced by nearly 5%. Adani Ports and Special Economic Zone, Adani Green Energy, and Adani Energy Solutions also saw gains, as did Ambuja Cements and ACC.

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The investigation, which spanned from 2013 to 2021, was initiated following the Hindenburg report of January 2023. The report had accused the group of using certain private entities as conduits to route funds and allegedly conceal related-party transactions, in a scheme that was said to have manipulated stock prices. The allegations had triggered a massive sell-off, which resulted in a significant erosion of the group’s market value.

In its final orders, SEBI stated that the transactions in question, where funds were routed through private entities, could not be classified as fraudulent. It was clarified that there was no evidence of funds being siphoned off or diverted, and that all money had been repaid with interest before the investigation began. The regulator also noted that, based on the legal definition of “related party transactions” at the time, there was no violation of disclosure requirements. The definition was only amended in 2021 to include indirect transactions, and this amendment was given a prospective date of April 1, 2023.

This clean chit from the market regulator is seen as a major relief for the Adani Group and is expected to restore investor confidence. The decision echoes the findings of a Supreme Court-appointed expert panel, which had earlier stated that no prima facie evidence of wrongdoing had been found. Following the SEBI order, Gautam Adani, the chairman of the group, was quoted as saying on social media that those who spread false narratives should apologize to the nation.