Shares of several Adani Group companies declined on Tuesday, September 29, after the Securities and Exchange Board of India (SEBI) settled proceedings concerning alleged violations of minimum public shareholding (MPS) norms involving four listed group companies and their directors.
The development put Adani Power, Adani Ports, Adani Enterprises and Adani Energy Solutions in focus during the trading session. Most Adani Group stocks also declined in trade today, except 1 – Adani Ports.
Adani stocks today
Adani Power was the top dragger, with its shares declining 1.3% to ₹193.75; meanwhile, Adani Total Gas fell 1.1% to ₹588.00.
Adani Green Energy also slipped 1.1% to ₹1,224.00, while Adani Enterprises declined 0.8% to ₹2,803.55.
Adani Energy Solutions, formerly known as Adani Transmission, was down 0.7% at ₹1,277.45. In contrast, Adani Ports and Special Economic Zone (APSEZ) gained 0.6%.
The latest development followed a settlement between SEBI and Adani Group chairman Gautam Adani, four group companies and other individuals. The proceedings were settled for a total amount of ₹1.48 crore.
What is the SEBI settlement involving Adani Group?
The settlement covers Adani Enterprises, Adani Power, APSEZ and Adani Transmission, now known as Adani Energy Solutions, along with their respective directors.
The proceedings originated from complaints received by SEBI in June and July 2020. The complaints alleged that certain listed Adani Group companies had not complied with minimum public shareholding requirements. Following a preliminary examination, SEBI initiated an investigation on October 23, 2020.
The regulator subsequently issued a show-cause notice (SCN) on September 27, 2024, followed by a supplementary SCN on March 3, 2025. The notices concerned alleged violations of MPS requirements under the Securities Contracts (Regulation) Rules, the erstwhile Listing Agreement and SEBI’s Listing Obligations and Disclosure Requirements (LODR) Regulations.
The applicants opted for settlement without admitting or denying the facts or conclusions of law. The total settlement amount was ₹1.48 crore, following which SEBI directed that the proceedings arising from the original and supplementary SCNs be disposed of.
Importantly, the settlement does not amount to an admission of the alleged violations. The proceedings were resolved through the settlement mechanism.
Separately, SEBI imposed a penalty of ₹20 lakh each on Nasser Ali Shaban Ahli and Chang Chung-Ling.
Another SEBI settlement involving Adani Group companies
The latest development came shortly after five Adani Group companies settled separate adjudication proceedings with SEBI for ₹1.51 crore. Those proceedings related to alleged lapses in the disclosure of related-party transactions.
The earlier proceedings followed SEBI’s examination of allegations and corporate governance issues highlighted in the Hindenburg Research report, including possible violations of listing regulations and the erstwhile Listing Agreement.
In September 2025, SEBI also disposed of separate proceedings involving allegations concerning Adicorp Enterprises, Milestone Tradelinks and Rehvar Infrastructure. The matters related to allegations raised in the Hindenburg report that these entities were used as conduits to route funds from Adani Group companies to finance listed entities including Adani Power and Adani Enterprises.
SEBI’s orders in those separate matters did not establish the allegations. Hindenburg Research, which had published the allegations in January 2023, subsequently ceased operations.
The latest settlement therefore adds another regulatory development involving Adani Group companies, even as the affected stocks showed mixed-to-negative movement in Tuesday’s trading session.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
