Adani Group shares surge across the board after India market regulator, the Securities and Exchange Board of India (SEBI), clear several allegation raised by U.S.-based short seller Hindenburg Research. SEBI found in it recent order that certain transaction flagged by Hindenburg did not qualify as related-party transaction under existing disclosure norms at the time.

The ripple effect was immediate: Adani Power lead the gains, rising nearly 9 percentage, while Adani Total Gas see even sharper jump. Other group companies including Adani Enterprises, Adani Green Energy, and Adani Ports & SEZ also close the day significantly higher. Investor sentiment, shaken since the Hindenburg report first emerge in early 2023, is show signs of restoration.

SEBI’s finding emphasise that while Hindenburg had allege related-party dealing and manipulation of shareholding or funds, the regulator found no evidences that these action breach disclosure regulation at the relevant time. Loan reference in the report were reportedly repaid with interest, and no fund were siphon off or misuse according to SEBIs order.

Market analyst note that this clean chit could open door to renewed institutional investment, especially from global fund that were wary of regulatory risk tie to the allegation. Many believe that while not all loss in market value have been recover, the regulatory clarity provide by SEBI give Adani Group a stronger footing going forward.

However, the episode also serve as a reminder of how narrative, regulatory perception, and investor confidence can wield huge financial consequence. For Adani, the verdict doesn’t erase all past scrutiny but it reshape its path forward.