SEBI final orders on Adicorp loan transactions in Hindenburg case

SEBI investigationRegulatory & Legal View source PDF Explain this filing

ADANIPOWER · price

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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reactionminutes from the announcement price · days from the prior close

+18.9%Reaction day

₹143.20

prior close

₹148.20

announcement price

After-mkt

timing

Nifty 100market · index membership as recorded later (tracked since Jun 2026)-0.4%+19.2% vs market

Power peers, median of 35sector · industry level-0.1%+19.0% vs sector

On the reaction day the stock moved 19.2 pts more than Nifty 100 and 19.0 pts more than its Power peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

+10.9

10m

+10.3

15m

+12.2

30m

+12.9

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

+18.9-0.4+19.2-0.1+19.0

Next day

+14.0-0.5+14.6-0.6+14.6

+1.1-1.1+2.2-1.9+3.0

+5.3-1.8+7.1-2.3+7.6

+2.5-2.8+5.3-4.0+6.5

+3.0-2.7+5.7-4.7+7.7

+6.8-2.0+8.8-3.8+10.6

15d

+7.4-1.0+8.4-5.3+12.7

+15.4+1.8+13.6-2.1+17.5

+1.5+1.7-0.1-10.0+11.5

+0.1+2.6-2.4-12.6+12.7

UpDownMarket · Nifty 100Sector · Power peers, median of 35Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

SEBI issued two final orders dated September 18, 2025 in the Hindenburg case involving Adicorp. Its investigation covered FY2012-13 to FY2020-21. SEBI alleges Adani Power and Adani Ports routed Rs 1,282 crore through Adicorp without related-party disclosure; Adicorp lent the same to Adani Power. The firms and promoters denied wrongdoing and withdrew settlement bids in June 2025. Final directions are not in this extract.

Likely market impact

Signals governance and disclosure concerns and possible penalty risk; exact financial impact is unclear until the full directions are read.