Adani Group stocks rally after SEBI clean chit: What investors should know

SEBI gives Adani clean chit on Hindenburg case. From Adani Enterprises to Adani Power, here’s how Adani Group stocks are performing in 2025.

Written by Oliviya Kunjumon

September 19, 2025 09:21 IST

Adani Group market update, Adani SEBI ruling, Adani stock performance 2025

Adani stocks are back in focus after SEBI’s big ruling. Will Adani Enterprises, Power and Green Energy rally again? Key updates here

The share price of Adani Group stocks including Adani Enterprises, Adani Power, Adani Total Gas and Adani Green Energy saw a sharp rally in the early trading session today, gaining as much as 10%. The trigger – India’s capital markets regulator SEBI has given billionaire Gautam Adani’s conglomerate a clean chit, dismissing allegations made by Hindenburg Research, now defunct, US short-seller.

Adani Total Gas led the surge, jumping 10%, followed by Adani Power up 7% and Adani Enterprises gaining 5%. Adani Energy Solutions and Adani Green Energy were also trading higher, while Ambuja and ACC stayed in the green with modest gains.

Let’s take a look at the 5 key takeaways from the regulator’s order and what it means for Adani stocks –

Adani vs Hindenburg: Adani stocks in spotlight

Investors will be watching Adani counters closely after SEBI’s final orders on Thursday (September 18). The market regulator cleared the group of alleged charges of stock manipulation. The regulator’s conclusion could shape trading sentiment, especially for flagship Adani Enterprises, Adani Power, and Adani Green Energy, which have been at the centre of volatility since January 2023.

Adani Vs Hindenburg: SEBI says no evidence of manipulation

In its reports, the market regulator SEBI said it found no evidence that the Adani Group used related parties to pump money into its listed entities.

Adani Vs Hindenburg: The Hindenburg trigger and its claims

The controversy dates back to January 2023, when US-based short-seller Hindenburg Research accused the group of funnelling money through three little-known firms – Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure into Adani Enterprises and Adani Power.

The report sparked a massive sell-off, at one point erasing over $100 billion from the conglomerate’s market value.

Adani Vs Hindenburg: Why SEBI says rules were not broken

According to SEBI board member Kamlesh C Varshney, the transactions cited in the Hindenburg report did not fall under related-party rules at the time.

That meant there was no breach of disclosure requirements, and therefore no regulatory violation on this count. The regulator also dismissed concerns around substantial acquisition of securities or control.

Adani vs Hindenburg: Clean chit echoes Supreme Court panel view

The SEBI decision comes after the Supreme Court-appointed expert panel had earlier said there was no prima facie evidence of wrongdoing by the group. SEBI’s latest orders reinforce that finding and bring months of speculation to a close.

Adani Group stocks: Tracking 2025 share performance

If you track the list of Adani Group stocks, the performance has been mixed in 2025 so far. While some businesses have shown gains, others remain under pressure compared to last year. Here’s a snapshot of how major Adani firms are performing –

Adani Enterprises

Adani Enterprises was trading higher by 5% in the early session. The flagship company Adani Enterprise share price in the past six months, have risen 3%, but they are still down 18% on a yearly basis. For 2025 so far, the stock is lower by 6%, with its 52-week range between Rs 2,025 and Rs 3,211.

Adani Green Energy

Adani Green Energy added 3.5% in the first half of trade.. Adani Green Energy share price has struggled despite a 7% rise over six months. On a yearly basis, it is down 50%, and in 2025 alone, it has slipped 6%. The stock has touched a 52-week high of Rs 2,091 and a low of Rs 758.