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Investing.com-- Shares of companies under the Adani Group rallied on Friday after the Securities and Exchange Board of India dismissed some allegations of fraud against founder Gautam Adani by U.S. short-seller Hindenburg Research.
Adani Enterprises Ltd (NSE:ADEL), the conglomerate’s flagship stock, rose over 4% in morning trade. Adani Energy Solutions Ltd (NSE:ADAI) and Adani Green Energy Ltd (NSE:ADNA) added over 3% each, while Adani Power Ltd (NSE:ADAN) and Adani Total Gas Ltd (NSE:ADAG) rose 7.4% and 9%, respectively.
Adani Ports and Special Economic Zone Ltd (NSE:APSE) rose 1.8%. Adani shares outpaced a 0.3% drop in the broader Nifty 50 index.
The SEBI had begun investigating Adani after Hindenburg, the now-defunct short-selling firm, had in early-2023 accused the conglomerate of using tax havens and not disclosing several transactions between related parties. The SEBI was looking into 24 counts of violations by Adani.
The SEBI on Thursday dismissed two out of the 24 charges against Adani, with the remaining 22 still pending.
The dismissal was over Adani violating disclosure rules, with the SEBI stating that the transactions highlighted by Hindenburg were not between connected entities and as such, did not violate disclosure rules.
Adani had largely denied the allegations. Shares of the group had wiped out some $150 billion following the Hindenburg report, although they have since recovered from the wipeout.
Adani and its founder still face a U.S. Department of Justice indictment over allegations of bribing government officials. Recent reports showed the company ramping up its lobbying efforts in the U.S., although efforts to drop the bribery case have stalled amid strained U.S.-India trade ties.