Adani Enterprises, Adani Power: Adani Group stocks in focus on Friday; here is why

SEBI said it found no evidence that the conglomerate used related parties to route funds into its listed companies.

The Securities and Exchange Board of India (SEBI), in two separate detailed orders, said the allegations of insider trading, market manipulation, and violations of public shareholding norms were found to be unsubstantiated after a detailed investigation.

Hindenburg, which shut its operations in January 2025, in January 2023 published a report against the Adani Group, alleging Adicorp Enterprises Pvt Ltd, Milestone Tradelinks Pvt Ltd, and Rehvar Infrastructure Pvt Ltd were used as a conduit to route funds from various Adani Group companies to fund publicly listed Adani Power Ltd and Adani Enterprises Ltd.

There was no violation of SEBI's disclosure norms, as the transactions between Adicorp, Milestone Tradelinks, and Rehvar Infrastructure with the conglomerate's firms did not meet the definition of a related party, SEBI board member Kamlesh C Varshney said in the two orders, PTI reported.

The regulator also found no violations involving substantial acquisition of securities or control that could mislead investors.

As a result, SEBI concluded that there was no basis for assigning liability or imposing penalties on the Adani entities or executives.

The regulatory clean chit follows months of scrutiny and speculation triggered by Hindenburg's report of January 2023, which triggered a stock rout of the listed Adani Group companies, eroding more than $150 billion in value at its lowest point.

Adani Group: Latest updates

The Gautam Adani-led Adani Group reported its highest-ever trailing twelve-month EBITDA of ₹90,572 crore, driven by strong performance in its core infrastructure and clean energy businesses, along with contributions from its emerging airports segment, the conglomerate said in late August 2025.

The group reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of ₹90,572 crore for the period from July 2024 to June 2025, up from ₹85,502 crore pre-tax profit in the trailing twelve months ending June 2024, it said in a statement.

The ports-to-energy group posted the highest ever quarterly EBITDA of ₹23,793 crore in April-June, with core infrastructure businesses of utility, transport, and incubating infra businesses under Adani Enterprises accounting for about 87% of this.