Daijiworld Media Network – Mumbai

Mumbai, Sep 19: Adani Group companies added nearly Rs 69,000 cr in market capitalisation on Friday after the Securities and Exchange Board of India (SEBI) issued its final order stating that allegations in the Hindenburg case could not be established.

The market watchdog imposed no penalty and gave a clean chit to Adani Ports & SEZ, Adani Power, and Adani Enterprises, along with Group Chairperson Gautam Adani and Managing Director Rajesh Adani. No liabilities were found on Jugeshinder Singh, Milestone Tradelinks Pvt Ltd, or Rehvar Infrastructure Pvt Ltd.

SEBI confirmed that no violations were found in related-party transactions, nor were there manipulative trades or unfair practices. The case stemmed from Hindenburg’s January 24, 2023 report alleging fund routing through private firms to Adani Power and Adani Enterprises.

Investor confidence surged following the verdict: Adani Power soared 12.4%, closing at its highest since August 2024, ahead of its maiden stock split on Monday. Adani Total Gas jumped 7.3%, Adani Enterprises rose 5.1%, and Adani Green Energy climbed 5.3%, even as benchmark indices Nifty and Sensex dipped 0.4% and 0.5% respectively.

Deven Choksey, MD of DRChoksey FinServ, told NDTV Profit that the double seal of approval now offers a “very strong case of corporate governance,” likely triggering a massive re-rating of Adani stocks in the coming months.