Adani Group Stocks: Adani Green Energy Jumps 20% in a Week

Adani Group stocks have experienced a remarkable recovery over the past week, with several posting double-digit gains. Adani Green Energy led the way with a 20.35% rally to an intraday high of ₹1,071.15 on BSE as of January 21, 2025, followed by Adani Power (+19.98%). Other notable performers included NDTV (+14.13%), Ambuja Cements (+10.77%), and ACC (+10.77%).

Meanwhile, Adani Ports and Adani Enterprises gained 7.00% and 8.10%, respectively, reflecting strong investor confidence. Even Adani Total Gas and Adani Energy logged impressive gains of 7.76% and 4.94%, highlighting a broad-based recovery across the group’s stocks.

Adani Group Stocks Surge as Hindenburg Exit

The announcement that US-based short-seller Hindenburg Research, whose critical reports previously wiped billions off the conglomerate’s value, is officially disbanding, is the key trigger.

This marks a pivotal moment for the Adani Group, whose stocks faced a sharp decline after Hindenburg’s January 2023 report alleged corporate irregularities, wiping out over $130 billion in market capitalisation. Investigations by SEBI and a Supreme Court-appointed panel into these allegations have so far remained inconclusive.

Hindenburg Research, renowned for exposing corporate fraud, had notable successes, including uncovering fraud by Nikola’s founder Trevor Milton and highlighting governance issues at Icahn Enterprises, which caused a 50% stock drop. The firm’s report on Adani accused the group of ‘stock manipulation’ worth ₹18 trillion ($218 billion) and ‘accounting fraud schemes’ spanning decades.

Key Allegations Against Adani Group

Hindenburg’s report accused the Adani family of controlling offshore shell entities in tax havens like the Caribbean, Mauritius, and the UAE to facilitate corruption, money laundering, and taxpayer theft. It also alleged the misappropriation of funds from the group’s listed companies.

In response, SEBI has completed 22 of 24 investigations into the Adani-Hindenburg case and issued show-cause notices to both Hindenburg and an Adani entity. However, no final order has been issued. Hindenburg later accused SEBI chief Madhabi Puri Buch of a conflict of interest due to her prior investments in the Adani Group.

Stock Performance Highlights 

Focus on Adani Green Energy

Adani Green Energy Ltd’s shares rallied about 20% in the last 1-week on the NSE. The surge was attributed to multiple factors, including speculation about group chairman Gautam Adani’s possible relief in the US bribery case and the announcement of Hindenburg’s shutdown.

The company’s Q3 operations update further boosted sentiment. Its operational capacity rose by 37% YoY to 11,609 MW, driven by greenfield additions of 2,693 MW solar and 438 MW wind power projects. Energy sales increased 23% YoY to 20,108 million units in the 9-month period of FY25. 

Developments in Adani Energy Solutions 

Adani Energy Solutions (AESL), a key player in electricity transmission and distribution, secured 2 major projects in Rajasthan’s renewable energy park, bringing its order book to ₹54,700 crore. The largest project, the Bhadla-Fatehpur HVDC transmission line worth ₹25,000 crore, is now the company’s biggest order to date.

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