Adani Group stocks rose between 1 % and 9.6 % on Friday. This increase followed the dismissal of allegations by US short seller Hindenburg Research against Adani Group Chairman Gautam Adani and the group’s companies, which include Adani Enterprises, Adani Ports, and Adani Power. With the SEBI Clean Chit, the stocks of company rise.
Adani Total Gas led the gains with a 10 % increase. This flagship company, increased by 4.3 %. Adani Power, which went up by 7.4 %, was among the top performers. It rise by 2 %, while both Adani Green and Adani Energy Solutions saw nearly 4 % growth.
SEBI Clean Chit to Adani Group
In January 2023, Hindenburg Research claimed that the group used three companies—Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure—to move money between Adani group firms.
In two orders, SEBI said that there were no violations. They noted that the transactions occurred when dealings with unrelated parties not considered related party transactions. This definition changed later.
SEBI dropped all proceedings against Adani
The agency concluded that all loans were repaid, funds used as intended, and there no fraud or unfair trading practice. SEBI Clean Chit dropped all proceedings against the Adani Group.
Gautam Adani said SEBI’s findings confirmed that the short-seller’s claims unfounded. He also expressed sympathy for investors who lost money due to the motivated report.
“After a thorough investigation, SEBI has reaffirmed what we have always maintained, that the Hindenburg claims were baseless. Transparency and integrity have always characterized the Adani Group. We deeply feel the pain of investors who lost money due to this fraudulent and motivated report. Those who spread false narratives owe the country an apology,” he post.
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