SEBI clean chit in Hindenburg case: Adani Group valuation soars Rs 69,000 crore in a single session; stocks rally strongly

Gautam Adani-led Adani Group stocks rallied strongly in trade on Friday after SEBI cleared the companies of Hindenburg-related allegations. The regulatory body's ruling, which rejected claims of share price manipulation and improper related-party dealings, boosted investor sentiment significantly, resulting in substantial gains across all Adani stocks.Adani Group firms saw their combined market value surge by more than Rs 69,000 crore during Friday's trading session.Adani Power emerged as the strongest performer amongst the group's listed companies, recording a 12.40 per cent increase. Adani Total Gas witnessed a 7.35 per cent rise, whilst Adani Green Energy and Adani Enterprises advanced by 5.33 per cent and 5.04 per cent respectively, as per exchange data.Adani Energy Solutions posted a 4.70 per cent increase, joining other group companies that registered gains exceeding 4.5 per cent.

Adani Group stocks rally

Following SEBI's investigation finding no evidence supporting Hindenburg Research's early 2023 allegations, Adani Group stocks witnessed a significant upturn. The US-based short seller's claims had previously caused a substantial reduction of approximately $150 billion in the group's market capitalisation, triggering widespread discussions on corporate governance, transparency and political connections.

The regulatory clearance represents a significant development for the conglomerate, providing confidence to investors awaiting regulatory clarity, according to a PTI report.The positive sentiment was further strengthened by Morgan Stanley's decision to initiate research coverage on Adani Power, their first such analysis in over ten years. This development suggests renewed confidence amongst both individual investors and global institutional participants, who had remained cautious following the Hindenburg-induced market decline.Trading activities showed substantial investor participation in Adani Group companies, which led the gainers list on the exchanges. Energy sector stocks showed remarkable performance, whilst the positive sentiment extended across various segments of the group, including its primary holding company and media ventures.During trading, Adani Power reached its highest point in 52 weeks.Share prices showed varied movements: Sanghi Industries increased by 1.41 per cent, ACC gained 1.21 per cent, Adani Ports rose by 1.09 per cent, and Ambuja Cements moved up by 0.28 per cent.The aggregate market value of these companies reached Rs 13.96 lakh crore."Adani group stocks surged after Sebi cleared the group in the Hindenburg probe, triggering renewed investor confidence and strong buying interest across the conglomerate," according to Bajaj Broking Research.