Adani group stocks: A relief rally was visible in the shares of Adani group stocks in Friday’s trading session on Dalal Street, following the market regulator Securities and Exchange Board of India (SEBI) ‘s dismissal of Hindenburg Research’s allegations of stock manipulation against billionaire Gautam Adani and his companies

Adani group stocks surged up to 13% in early trade, with Adani Total Gas emerging as the top gainer.

Adani group — Top movers

Adani Total Gas share price hit the day’s high of ₹687.35 as against its last closing price of ₹606.80. As of 9.45 am, the stock was trading 8.55% higher on the BSE.

Adani Power shares jumped nearly 9% in trade to ₹686.95, and Nifty 50 constituent Adani Enterprises was higher by 5% at ₹2527.55.

Other Adani group stocks — Adani Energy Solutions, Adani Green Energy and Adani Ports rose 2-3% each. They were followed by cement constituents Sigachi Industries, ACC and Ambuja Cement that added up to 1%.

Sebi clears Adani group of Hindenburg allegations

In two detailed orders, Sebi stated that allegations of insider trading, market manipulation, and violations of public shareholding norms against the Adani Group were unsubstantiated following a thorough investigation.

Sebi clarified that the fund transfers between the named companies were in the form of loans, which were repaid with interest in multiple tranches prior to the commencement of the investigation.

The regulator also noted that these transactions did not qualify as related party transactions, contrary to the claims made by Hindenburg Research, and therefore did not require disclosure under existing norms.

Sebi stated that there was no breach of disclosure rules, as the dealings between Adicorp, Milestone Tradelinks, and Rehvar Infrastructure and Adani Group entities did not meet the definition of related party transactions.

Additionally, the market regulator found no violations concerning substantial acquisition of securities or control that could potentially mislead investors.

Based on its findings, it concluded that there was no basis for assigning liability or imposing penalties on the Adani Group or its executives.

(With inputs from agencies)

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