Adani stocks surge, a day after SEBI clean chit

Shares of Adani Group companies rallies sharply, a day after the Securities and Exchange Board of India (SEBI) gave a clean chit to the conglomerate in connection with the allegations made in the Hindenburg report. The flagship entity, Adani Enterprises, jumped over 5% in early trade following the development.

In a major relief for the ports-to-power conglomerate, SEBI stated that the allegations raised in the Hindenburg report could not be substantiated. As a result, the market regulator confirmed that there would be no penalties or liabilities imposed on the group.

The proceedings against key entities — including Adani Ports and Special Economic Zone, Adani Power, and top executives such as Gautam Adani and Rajesh Adani — have been officially closed.