NEW DELHI— Adani Group companies added more than Rs 69,000 crore in market value on Friday, as investors piled into the conglomerate’s stocks following the Securities and Exchange Board of India’s (SEBI) decision to clear it of allegations made by U.S.-based short-seller Hindenburg Research.
The regulator’s order, which dismissed claims of stock manipulation and related-party misuse, restored investor confidence and unleashed a sharp rally across Adani companies.
Adani Power led the charge, soaring 12.40 percent on the Bombay Stock Exchange (BSE) to hit a 52-week high. Adani Total Gas climbed 7.35 percent, Adani Green Energy rose 5.33 percent, and Adani Enterprises advanced 5.04 percent. Adani Energy Solutions also posted gains of 4.70 percent.
The surge came just a day after SEBI wrapped up its probe, concluding that there was no evidence to support Hindenburg’s January 2023 allegations. Analysts said the clean chit marks a major turning point for the group, which had seen billions wiped off its market cap in the wake of the report.
The combined valuation of the Adani Group’s listed firms now stands at Rs 13.96 lakh crore, according to exchange data.
Brokerages also signaled fresh confidence. Global investment firm Morgan Stanley initiated coverage of Adani Power for the first time in more than a decade — a move analysts described as a sign of renewed institutional interest after months of caution.
Other Adani-linked companies gained as well, with Sanghi Industries up 1.41 percent, ACC rising 1.21 percent, Adani Ports advancing 1.09 percent, and Ambuja Cements edging up 0.28 percent.
“Adani group stocks surged after SEBI cleared the group in the Hindenburg probe, triggering renewed investor confidence and strong buying interest across the conglomerate,” Bajaj Broking Research said in a note.
While the rally was strongest in energy stocks, the momentum spread across the conglomerate’s portfolio, reflecting a wave of optimism after more than a year of uncertainty. (Source: IANS)
