Shares of Adani Group companies surged up to 10 percent on Friday after the Securities and Exchange Board of India (SEBI) gave a clean chit in the Hindenburg Research allegations.
Adani Total Gas Ltd. led the gains, jumping 7.99 percent to ₹655.45, followed by Adani Power Ltd. at 7.02 percent to ₹675.65. Adani Enterprises Ltd. rose 3.68 percent to ₹2,490.40, Adani Ports and Special Economic Zone Ltd. gained 1.19 percent to ₹1,429.60, and Adani Green Energy Ltd. climbed 2.96 percent to ₹1,007.85.
Brokerage Morgan Stanley initiated an “overweight” rating on Adani Power Ltd., setting a target price of ₹818, projecting a 29 percent upside. It cited timely project execution and new power purchase agreements as growth drivers, forecasting capacity and EBITDA to rise 2.5 and 3 times, respectively, by FY2033.
Year to date, Adani Power shares are up 28.12 percent, while Adani Ports has gained 17.14 percent.
SEBI’s final order dismissed Hindenburg’s claims of hidden related party transactions involving Milestone Tradelinks and Rehvar Infrastructure. The regulator ruled that under existing LODR rules (2018–2023), these entities were not classified as related parties to Adani companies, invalidating allegations of fraud.
