Adani Power zooms 9%, Adani Enterprises jumps 5%; why Adani Group stocks are flying high

SEBI, in its final order on Thursday, cleared Gautam Adani and his group of stock manipulation allegations made by US short-seller Hindenburg Research.

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

Shares of the Adani Group were trading with impressive gains. For instance, Adani Power shares zoomed as much as 8.8% to ₹686.95 apiece on the NSE, while Adani Enterprises rallied 5.18% to ₹2,526.60.

Adani Total Gas shares jumped as much as 13.3% to ₹687.75 apiece on the NSE.

Adani Green Energy shares were trading 3.64% higher at ₹1,014.55 apiece on the NSE, while Adani Ports and Special Economic Zone was trading over 2% higher at ₹1,442.50 on the NSE. ACC Ltd shares were up nearly 1% at ₹1,873 apiece on the NSE, while Ambuja Cements was up 0.69% at ₹584.75.

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.

Gautam Adani reacted to the clean chit by calling for an apology by those who spread false narratives using Hindenburg Research's "fraudulent and motivated" report, PTI reported.

In a post on X accompanied by the national tricolour, Adani said the SEBI clean chit has reaffirmed what his group has always maintained -- "that the Hindenburg claims were baseless".

What analysts say

According to news reports, Morgan Stanley has initiated coverage on Adani Power. The analysts at the global investment firm believe that Adani Power is a good illustration of a turnaround in India's corporate history, with resolution on most regulatory issues & multiple value-accretive acquisitions.

Similarly, Jefferies shared its note on Adani Green Energy. The global investment banking and capital markets firm notes that the company's management has reinforced confidence in its journey to raise capacity 3.5x from 14 GW in FY25 to 50 GW by 2030.

The analysts at Jefferies note that the company's guidance of 5 GW addition in FY26E was reiterated, which gives upside scope to estimates if achieved.

They added that valuations are at a 63% discount to their January 2023 peak one-year forward EV/EBITDA, which creates room for upside on execution.

Adani Group: Latest updates

Early in September 2025, the news report surfaced that industrialist Gautam Adani-led Adani Group was looking to invest around $60 billion up to FY32 in the power sector, especially in renewables, generation and transmission/distribution.

In an investor presentation, Adani Power said the group plans a $21 billion investment by FY30 to scale up renewable energy capacity to 50 GW from 14.2 GW as of FY25.

Part of the Adani Group, Adani Green Energy Ltd (AGEL) develops, builds, owns, operates and maintains utility-scale grid-connected solar and wind farm projects.

The group would invest $17 billion in building transmission and distribution capabilities through Adani Energy Solutions Ltd (AESL).

AESL is a multidimensional organisation with a presence in various facets of the energy domain, namely power transmission, distribution, smart metering, and cooling solutions.