In a dramatic turnaround that has electrified Dalal Street, the Securities and Exchange Board of India (SEBI) has officially dismissed all allegations made by US-based short-seller Hindenburg Research against the Adani Group. The verdict, delivered on September 18, 2025, has triggered a ₹46,000 crore rally in Adani Group stocks, restoring investor confidence and marking the end of a 32-month regulatory overhang that had clouded the conglomerate’s reputation since January 2023.
SEBI’s exhaustive investigation concluded that the Adani Group did not engage in stock manipulation, accounting fraud, or misuse of funds. The regulator found no evidence of hidden related-party transactions or violations of listing norms, effectively slamming the door on Hindenburg’s claims. The market responded with enthusiasm, sending Adani’s combined market capitalization soaring to ₹13.8 lakh crore.
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Adani Group Market Rally Post-SEBI Verdict
| Company Name | % Gain on Sep 19 | Closing Price (₹) |
|---|---|---|
| Adani Power | +13.42% | ₹716.10 |
| Adani Total Gas | +7.55% | ₹652.80 |
| Adani Enterprises Ltd | +5.25% | ₹2,528.00 |
| Adani Green Energy | +5.48% | ₹1,032.50 |
| Adani Ports & SEZ | +1.15% | ₹1,429.00 |
The rally added ₹46,000 crore to investor wealth in a single trading session, with Adani Power leading the surge.
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Timeline of the Hindenburg-Adani Saga
| Date | Event |
|---|---|
| Jan 24, 2023 | Hindenburg publishes report alleging fraud |
| Jan–Feb 2023 | Adani stocks plunge; market cap erodes by ₹2.5 lakh crore |
| Mar 2023 | Supreme Court appoints expert panel to review allegations |
| Sep 18, 2025 | SEBI clears Adani Group of wrongdoing |
| Sep 19, 2025 | Adani stocks rally, adding ₹46,000 crore in market value |
The SEBI verdict marks the final chapter in one of India’s most high-profile corporate controversies.
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SEBI’s Key Findings
| Allegation by Hindenburg | SEBI’s Conclusion |
|---|---|
| Stock manipulation | No evidence found |
| Hidden related-party transactions | Legitimate loan deals |
| Misuse of offshore entities | Funds returned with interest |
| Accounting fraud | No falsification detected |
| Regulatory violations | Full compliance with norms |
SEBI specifically investigated transactions involving Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure, determining they were legitimate and transparent.
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Investor Sentiment and Institutional Support
| Indicator | Status |
|---|---|
| Retail Investor Confidence | Rebounded sharply |
| Institutional Buying | Renewed interest post-verdict |
| Foreign Portfolio Investment | Expected to rise |
| Adani Group Chairman’s Statement | “Claims were baseless” – Gautam Adani |
Gautam Adani emphasized the Group’s commitment to transparency and called for accountability from those who spread misinformation.
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Implications for Adani Investors
| Impact Area | Outcome |
|---|---|
| Stock Price Recovery | Strong upside momentum |
| Regulatory Clarity | Reduced uncertainty |
| Valuation Re-rating | Analysts revise targets upward |
| Long-Term Investment Outlook | Stabilized and optimistic |
| Institutional Re-entry | Likely to accelerate |
With the regulatory cloud lifted, Adani stocks are expected to attract fresh capital and regain lost ground.
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Analyst Forecasts and Price Targets
| Stock | Brokerage | Target Price (₹) | Upside Potential |
|---|---|---|---|
| Adani Power | Morgan Stanley | ₹818 | ~30% |
| Adani Enterprises | ICICI Securities | ₹2,850 | ~13% |
| Adani Green Energy | Motilal Oswal | ₹1,150 | ~11% |
Brokerages are now factoring in improved earnings visibility and reduced regulatory risk.
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Corporate Actions and Investor Opportunities
| Action | Details |
|---|---|
| Adani Power Stock Split | 1:5 ratio; record date: Sep 22, 2025 |
| Shareholder Eligibility | Must hold shares by record date |
| Liquidity Impact | Expected to improve post-split |
| Retail Participation | Likely to increase due to lower entry price |
The stock split is expected to make Adani Power more accessible to retail investors and enhance trading volumes.
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Conclusion: SEBI’s Verdict Restores Adani’s Market Standing and Investor Trust
SEBI’s clean chit to the Adani Group has not only vindicated the conglomerate but also reignited investor confidence across the board. The ₹46,000 crore rally is more than a market reaction—it’s a signal that India’s regulatory institutions have the capacity to conduct thorough, independent investigations and deliver clarity.
For Adani investors, the verdict marks a turning point. With regulatory uncertainty behind them, the focus now shifts to fundamentals, growth plans, and corporate governance. As Adani stocks continue to rebound, the Group’s commitment to transparency and nation-building remains central to its narrative.
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Disclaimer: This article is based on publicly available regulatory findings, verified market data, and expert commentary. It is intended for informational purposes only and does not constitute financial, legal, or investment advice. Investors are advised to consult certified professionals before making investment decisions.
