Adani Group valuation surges Rs 69,000 crore in a day after SEBI clears Hindenburg allegations

New Delhi: Adani Group companies gained over Rs 69,000 crore in market capitalisation in a single session on Friday, fueled by a buying frenzy following SEBI’s clean chit in the Hindenburg case.

The regulator's order, which dismissed allegations of stock manipulation and related-party misuse, ignited a surge of investor confidence, sending Adani stocks sharply higher across the board.

Leading the charge, Adani Power surged 12.40 per cent, emerging as the top gainer across the group’s listed entities. Adani Total Gas jumped 7.35 per cent, while Adani Green Energy and Adani Enterprises climbed 5.33 per cent and 5.04 per cent, respectively, according to stock exchange data.

Adani Energy Solutions rose 4.70 per cent, rounding out the list of companies that saw gains above the 4.5 per cent mark.

Adding to the momentum, Morgan Stanley initiated coverage on Adani Power, marking the first such recommendation in more than a decade by the research house. The move is being read as a signal that confidence is returning not just among retail investors but also across global institutional stakeholders, who had largely stayed on the sidelines since the Hindenburg-triggered crash.

The rally came just a day after SEBI concluded its investigation, stating that it found no evidence to support the accusations raised by US-based short seller Hindenburg Research in early 2023. Those allegations had erased nearly USD 150 billion in market value across Adani Group stocks at their peak, sparking a global debate on governance, transparency, and political influence. The clean chit, therefore, is being seen as a watershed moment for the conglomerate and a major relief for investors who had been waiting for regulatory clarity before taking fresh positions.

Adani Group companies dominated the top gainers list on the exchanges, and the trading volumes in these counters reflected heightened investor activity. The surge was particularly notable in energy-related stocks, but the impact was broad-based across the group, from its flagship incubator company to its media arm.

Adani Power hit its 52-week high during the day.

The stock of Sanghi Industries advanced 1.41 per cent, ACC rose 1.21 per cent, Adani Ports went up by 1.09 per cent, and Ambuja Cements inched up 0.28 per cent.

The combined market valuation of all these firms stood at Rs 13.96 lakh crore.

"Adani group stocks surged after Sebi cleared the group in the Hindenburg probe, triggering renewed investor confidence and strong buying interest across the conglomerate," according to Bajaj Broking Research.