SEBI closes Adani Power probe; Morgan Stanley sees 30 per cent upside
The Securities and Exchange Board of India (SEBI) has closed its inquiry into Adani Power Limited and other Adani Group firms without penalty, concluding that allegations of irregular loan transactions were not established. The case originated from claims in the Hindenburg Research report published in January 2023. SEBI issued two final orders on September 18, 2025, disposing of show-cause notices issued in January 2024 to Adani Ports and Special Economic Zone Limited, Adani Power Limited,…