Adani Group Gets Clean Chit From SEBI RIA Sees Sharp Relief Rally, Flags ₹2,600 Target For Adani Enterprises

On Thursday, the Securities and Exchange Board of India (SEBI) issued two separate orders, clearing the Adani Group entities of allegations initially raised by Hindenburg Research. These include Adani Enterprises, Adani Power, Adani Ports and Special Economic Zone, and Adicorp Enterprises. 

Additionally, proceedings against Gautam Adani, Rajesh Adani, and Jugeshinder Singh were also closed.

 The market regulator had been probing the Hindenburg Research allegations that questioned the Adani Group's financial dealings and funding structures. After a detailed investigation, the regulator has concluded that their probe found:

-No misrepresentation of financials was found. 

 -No fraudulent funding trails were established. 

 -No violations under SEBI Act, LODR Regulations, or PFUTP were proven. 

 A January 2024 report by Hindenburg alleged that Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure acted as conduits. And that these entities were used to channel funds from various Adani group companies into publicly listed companies, specifically Adani Power and Adani Enterprises.

Why This SEBI Ruling Matters For Adani 

SEBI-registered investment advisor Nidhi Saxena of The Trade Bond called this a 'huge relief' for the Adani Group, which has been under the scanner since the Hindenburg report triggered a massive sell-off in early 2023. With this ruling clearing the regulatory uncertainty that was weighing on sentiment and valuations, the group will regain credibility and can now focus on its growth roadmap without constant legal overhang, she added.  

Saxena expects Adani stocks to show a sharp rally in the short term as markets reprice the reduced risk. Buying momentum could be strong, especially in Adani Enterprises and Adani Ports. Short covering may add fuel to the move. 

Adani Power may also attract momentum traders. Cautious institutional investors might slowly rebuild exposure. However, she cautioned for“sell the news” volatility if near-term traders had already priced in this outcome.

Adani Stocks: Levels To Watch

For Adani Enterprises, Saxena pegged support at ₹2,350 and ₹2,280, with resistance at ₹2,500 and ₹2,600 (also the target).

For Adani Ports, she sees support at ₹1,380, ₹1,350, and resistance at ₹1,450 and ₹1,500.

And for Adani Power, support is seen at ₹610, ₹590 on the downside, with resistance at ₹650, ₹670. 

Saxena flagged a positive bias in the near term and expects a sharp rally if resistance levels are crossed with high volumes.

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