Adani Enterprises, Power, Other Group Stocks Jump as SEBI Dismisses Hindenburg linked Proceedings Against Adani Group

The Securities and Exchange Board of India (SEBI) has closed proceedings against Adani Group companies and senior executives, including Gautam Adani, stating that allegations made by US based short seller Hindenburg Research lacked merit. The regulator found no evidence of violations under Indian securities law.

Adani Group Companies Share Price Performance

Note: The above data is as of 11:20 AM on the NSE on September 19, 2025.

SEBI’s Final Orders

On September 18, 2025, SEBI issued two separate orders disposing of cases against Adani Enterprises, Adani Power, Adani Ports & SEZ, and Adicorp Enterprises, along with individuals Gautam Adani, Rajesh Adani, and Jugeshinder Singh.

The market regulator concluded that no related party transaction (RPT) violations or fraudulent trade practices occurred.

Background of the Allegations

In its January 2024 report, Hindenburg Research claimed that Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure were used to route funds from Adani Group entities into Adani Enterprises and Adani Power. The short seller alleged that these arrangements were concealed RPTs intended to bypass disclosure rules.

SEBI’s Findings

The regulator’s probe examined fund flows among Adani Ports, Adani Power, Adani Enterprises, Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure. While loans were extended and repaid with interest across multiple tranches, SEBI concluded that the transactions did not qualify as related party deals under the Listing Agreement and SEBI (LODR) Regulations applicable at that time.

Key Observations:

• The 2021 amendment to SEBI’s LODR rules expanded the scope of RPTs, but this did not apply retrospectively.
• The Supreme Court appointed expert committee in the Vishal Tiwari case also noted that the pre 2021 framework excluded such transactions.
• No violations were found under Section 12A of the SEBI Act or the SEBI (PFUTP) Regulations.

Settlement Applications Withdrawn

The Adani firms and executives had filed settlement applications in March 2024 but withdrew them in June 2025. Hearings had already been completed, and the final orders were issued once the settlement applications were withdrawn.

Implications for the Adani Group

The SEBI clearance removes a significant overhang from the Adani Group, which faced global scrutiny after the Hindenburg report. The orders reaffirm compliance with regulatory provisions and may help restore investor confidence across Adani’s listed companies.

Read More: Who Are The Competitors Of The Adani Group: A SegmentWise Breakdown.

Conclusion

By disposing of the proceedings without any directions, SEBI has put to rest one of the most high profile regulatory cases linked to the Hindenburg allegations. With no violations established, Adani Group firms and their top executives stand cleared of charges, paving the way for the conglomerate to focus on growth and operational priorities.

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