Image Source: Times of India
Adani Group shares surged across the board in early trade on Friday, September 19, 2025, following a major regulatory breakthrough. The Securities and Exchange Board of India (SEBI) dismissed allegations made by US-based short-seller Hindenburg Research, giving the conglomerate a clean chit after months of scrutiny. This triggered a wave of optimism among investors, sending shares of Adani Energy Solutions, Adani Green Energy,
Adani Enterprises, and Adani Total Gas up by 2–3%, with some counters posting even stronger gains intraday.
The rally comes as a relief for the group, which had been under pressure since January 2023 when the Hindenburg report accused it of stock manipulation and opaque related-party transactions. SEBI’s detailed investigation found no violations of insider trading, market manipulation, or disclosure norms, effectively closing one of the most controversial chapters in India’s corporate history.
Momentum Picks Up Across Adani Counters
- Adani Total Gas led the rally with a sharp 10% surge in early trade, cooling to around 3% later in the session.
- Adani Power jumped 8.5% to hit a high of ₹684.70, buoyed by both SEBI’s ruling and a stock split that took effect on September 22.
- Adani Green Energy advanced 4.5%, trading at ₹1,022.70 before settling slightly lower.
- Adani Enterprises hit its 5% upper circuit at ₹2,521.35, reflecting strong investor sentiment.
- Adani Energy Solutions added 4.3%, reaching ₹874.40 during the day.
Regulatory Clarity Boosts Market Sentiment
SEBI’s ruling was pivotal in restoring investor confidence. The regulator concluded that transactions involving Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure were genuine commercial dealings and did not breach disclosure norms. It emphasized that the transactions did not qualify as related-party transactions under the rules applicable at the time.
This regulatory clarity has not only lifted Adani stocks but also signaled a broader shift in sentiment toward the group. The clean chit comes after a Supreme Court-appointed expert panel had earlier found no prima facie evidence of wrongdoing, reinforcing SEBI’s conclusions.
Brokerage Views Add To The Upside
Leading brokerages have responded positively to the developments. Morgan Stanley reaffirmed its overweight rating on Adani Power, projecting a target price of ₹818, implying a 30% upside. The firm cited resolution of regulatory issues and strong balance sheet fundamentals as key drivers.
Jefferies maintained a buy rating on Adani Green Energy with a price target of ₹1,300, suggesting a potential upside of 29%. These endorsements have added further fuel to the rally, especially among retail and institutional investors tracking utility and energy sectors.
Stock Split Adds To Adani Power’s Appeal
Adani Power’s 1:5 stock split took effect on September 22, making shares more affordable and increasing liquidity. Each share of ₹10 face value has now been split into five shares of ₹2 each. This move expands the company’s equity base from 385.69 crore shares to over 1,928 crore shares, without altering the overall investment value for shareholders.
The split is expected to attract more retail participation and improve trading volumes. It also aligns with the group’s broader strategy of making its stocks more accessible and enhancing shareholder value.
What This Means For Investors
The recent developments mark a turning point for Adani Group stocks, which had been volatile since early 2023. With regulatory hurdles cleared and positive brokerage outlooks, the group appears poised for a more stable trajectory.
- Investors may see renewed interest in Adani counters, especially in energy and infrastructure segments.
- The SEBI ruling removes a major overhang, potentially unlocking valuation upside.
- Stock splits and improved liquidity could attract new investors and boost volumes.
- Continued monitoring of execution, earnings, and regulatory compliance will be key.
Looking Ahead: A New Chapter For Adani Group
As the dust settles on the Hindenburg controversy, Adani Group is entering a new phase of growth and transparency. The SEBI clean chit not only vindicates the group’s stance but also sets a precedent for regulatory clarity in India’s capital markets.
With ambitious expansion plans in renewables, infrastructure, and logistics, the group’s performance in the coming quarters will be closely watched. For now, the market has spoken—and it’s a vote of confidence.
Sources: CNBC TV18, Financial Express, News18, Times of India, Fortune India, MSN Money
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