Mumbai, Sep 19: The shares of Adani Group companies staged a strong rally on Friday after market regulator the Securities and Exchange Board of India (SEBI) gave the conglomerate a clean chit in the Hindenburg case, adding over Rs 46,000 crore to investors’ wealth in a single day.

With this, the group’s combined market capitalisation jumped to Rs 13.8 lakh crore -- marking a major turnaround in sentiment nearly 33 months after the controversy first erupted.

The rally was led by Adani Power, which surged 13.42 per cent to close at Rs 716.10, followed by Adani Total Gas, which gained 7.55 per cent to end at Rs 652.80.

Adani Enterprises Ltd advanced 5.25 per cent to Rs 2,528, while Adani Green Energy climbed 5.48 per cent to Rs 1,032.50.

Adani Ports and Special Economic Zone also followed suit and closed higher by 1.15 per cent at Rs 1,429.

The surge came after SEBI dismissed Hindenburg Research’s allegations, ruling that the transactions involving Milestone Tradelinks, Rehvar Infrastructure, and Adicorp Enterprises did not amount to violations of market regulations.

The regulator clarified that these deals did not fall under related-party transactions and complied with listing and disclosure norms.

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Reacting to the verdict, Adani Group Chairman Gautam Adani said on social media platform X that SEBI’s detailed probe had reaffirmed what the company had always maintained -- that Hindenburg’s claims were baseless.

“After an exhaustive investigation, SEBI has reaffirmed what we have always maintained, that the Hindenburg claims were baseless,” Gautam Adani wrote.

"We deeply feel the pain of the investors who lost money because of this fraudulent and motivated report. Those who spread false narratives owe the nation an apology," the billionaire industrialist added.

He emphasised that transparency and integrity had been the Group’s core values and called for accountability from those who spread misinformation.

“Transparency and integrity have always defined the Adani Group,” Gautam Adani stated.

“Our commitment to India’s institutions, to India's people and to nation building remains unwavering,” Adani Group Chairman added.

A Supreme Court-appointed expert panel had also earlier found no prima facie evidence of wrongdoing.

--IANS

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