NextFin news, On Monday, September 22, 2025, the combined market capitalization of Adani Group stocks surged by Rs 1.78 lakh crore, crossing Rs 15 lakh crore, following a clean chit from the Securities and Exchange Board of India (SEBI) regarding allegations of market manipulation and corporate fraud.
SEBI's clearance came after a thorough investigation into claims made against the conglomerate, particularly those linked to the Hindenburg report. The regulator found no wrongdoing by the Adani Group or its chairman Gautam Adani, effectively removing a significant regulatory overhang that had weighed on the group's shares since early 2023.
The stock rally was led by Adani Power, which saw a 35% increase over two trading sessions. This surge coincided with a 1:5 stock split and a bullish rating from Morgan Stanley, which initiated coverage on Adani Power with an overweight call, citing it as India's largest private coal-based independent power producer.
Other group companies such as Adani Total Gas and Adani Green Energy also experienced notable gains, rising 19% and 12% respectively on Monday. The positive momentum across the group’s stocks reflected renewed investor confidence following SEBI's announcement.
The allegations against the Adani Group had triggered extensive investigations and a national debate on corporate governance standards in India. SEBI's decision to clear the group has been described by market analysts as a pivotal moment, restoring faith in the conglomerate's governance and business practices.
Gautam Adani, chairman of the group, responded to the SEBI order by emphasizing the company's commitment to transparency and growth, calling the clearance a foundation for the next phase of expansion.
The SEBI order was officially announced on Monday, September 22, 2025, in Mumbai, where the Adani Group is headquartered. The regulatory relief has already had a significant impact on the stock market, with the group's shares rallying sharply in Mumbai's stock exchanges.
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