Shares of Adani Group Companies Fall Following ₹1.48 Crore SEBI Settlement

Shares of several companies belonging to the Adani Group were seen trading lower on Tuesday, September 29, following the Securities and Exchange Board of India (SEBI)’s decision on the matter concerning non-compliance with minimum public shareholding rules by four companies of the group and their directors. 

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The sharpest drop was observed in the shares of Adani Power which witnessed a decline of 1.3% to close at ₹193.75. On the other hand, Adani Total Gas and Adani Green Energy recorded a loss of 1.1% each at ₹588 and ₹1,224 respectively. 

The shares of Adani Enterprises closed 0.8% lower at ₹2,803.55 whereas Adani Energy Solutions, formerly known as Adani Transmission, closed 0.7% lower at ₹1,277.45. 

However, Adani Ports and Special Economic Zone witnessed an opposite movement, advancing 0.6%. 

SEBI Proceedings Concluded at ₹1.48 Crore 

The market developments were triggered by the conclusion of a settlement with SEBI, Adani Group Chairman Gautam Adani, four companies from the Adani Group, and others. 

The proceedings involved Adani Enterprises, Adani Power, Adani Ports and Special Economic Zone, and Adani Transmission (renamed as Adani Energy Solutions), along with their directors. 

The proceedings have been concluded with the conclusion of a settlement at ₹1.48 crore. 

The proceedings were triggered by complaints made by SEBI in June and July 2020 regarding failure by some listed companies of the Adani Group to maintain minimum public shareholding requirement. 

As per the preliminary investigation, SEBI launched investigations in this case on October 23, 2020. 

After that, show cause notice was issued on September 27, 2024 and a supplementary notice was issued on March 3, 2025. The notices dealt with violation of minimum public shareholding requirement under Securities Contracts (Regulation) Rules, erstwhile Listing Agreement and SEBI’s Listing Obligations and Disclosure Requirements Regulations. 

Settlement Does Not Amount to Admission 

The applicants chose to settle the proceedings without admitting or denying the facts or conclusions of law. 

Following payment of the ₹1.48 crore settlement amount, SEBI directed that the proceedings arising from the original and supplementary show-cause notices be disposed of. 

The settlement, therefore, does not amount to an admission of the alleged violations. 

Separately, SEBI imposed penalties of ₹20 lakh each on Nasser Ali Shaban Ahli and Chang Chung-Ling. 

Separate ₹1.51 Crore Settlement 

The latest development follows another settlement involving five Adani Group companies. 

Those companies recently settled separate adjudication proceedings with SEBI for ₹1.51 crore. That matter concerned alleged lapses in disclosures related to related-party transactions. 

Those proceedings followed SEBI’s examination of allegations and corporate governance issues raised 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. 

Those matters involved allegations raised in the Hindenburg report that the entities were used to route funds from Adani Group companies to finance listed companies including Adani Power and Adani Enterprises. 

SEBI’s orders in those separate matters did not establish the allegations.