The Adani Group saw a dramatic increase of ₹1.7 lakh crore in its combined market capitalisation over just two trading sessions, after SEBI cleared the group of key allegations made in the Hindenburg Research report. This surge pushed the valuation of the 10 Adani stocks past ₹15 lakh crore.
What SEBI’s Decision Was
- SEBI dismissed claims that Adani companies violated rules related to related-party transactions or manipulated the market in a way that breached disclosure norms.
- These allegations originated from the 2023 report by Hindenburg Research, which had caused steep declines in investor sentiment.
Why It Matters
- Restored Investor Trust: Clearing the legal/regulatory overhang has led to renewed buying across Adani stocks — showing how much confidence was tied to SEBI’s findings.
- Broad Gains Across the Group: Key Adani companies — Adani Power, Adani Total Gas, Adani Green Energy, Adani Enterprises and others — participated in the rally. Some stocks rose by double digits.
Potential Risks & What’s Still Unclear
- Even though SEBI has cleared major allegations, some investigations may still be pending or tied to different claims. Reuters
- Valuations are rising fast — this could make volatility higher if execution, debt or business fundamentals don’t match investor expectations.
- Global investor perception and legal/regulatory risks outside India still matter. SEBI’s clean chit helps domestically, but international scrutiny will likely continue.
Conclusion
The SEBI ruling in favour of Adani has clearly had a powerful impact: in just two sessions, the group recaptured ₹1.7 lakh crore in market value, crossing ₹15 lakh crore in total valuation. This shows how much regulatory clarity can move markets. The real test will be sustaining that confidence through performance, transparency, and continued compliance.
