Over the past month, India’s secondary market has witnessed a surge in institutional activity in the Adani Group pack, with more than ₹15,000 crore worth of shares changing hands through block deals.

As per exchange data, the transactions, spanning Adani Ports, Adani Enterprises, and Adani Energy Solutions, have seen active buying interest from a mix of global asset managers, sovereign-linked investors, and domestic mutual funds, even as some existing investors undertook portfolio rebalancing.

The data showed that Adani Ports witnessed the largest block transaction of around ₹7,400 crore. Entities linked to Capital Group acquired a significant stake from worldwide emerging market investors in one of the biggest trades of the period.

Adani Enterprises also saw heavy activity, with cumulative block deals exceeding ₹6,200 crore. SBI Mutual Fund emerged as a key buyer, continuing its accumulation strategy in the flagship company.

SBI Mutual Fund buys stake worth ₹5,747 crore

In a recent large transaction, SBI Mutual Fund acquired shares worth about ₹5,747 crore in Adani Enterprises and Adani Energy Solutions from US-based GQG Partners through open-market block deals.

According to exchange data, SBI Mutual Fund purchased 1.64 crore shares, representing nearly 1.3% equity in Adani Enterprises, and 63.65 lakh shares, or a 0.52% stake in Adani Energy Solutions. The purchases were executed in the price range of ₹1,504.80-2,913.40 per share.

The same set of shares was offloaded by Rajiv Jain-backed GQG Partners through its Emerging Markets Equity Fund, marking a significant transfer of ownership between global and domestic institutional investors.

SBI Mutual Fund had also previously bought a 0.45% stake in Adani Enterprises last month for around ₹1,435 crore.

Among others, Adani Energy Solutions witnessed additional block activity worth over ₹1,600 crore, with Birla Mutual Fund and SBI Mutual Fund buying stakes from investors including Qatar Holding LLC and GQG Partners.

Regulatory overhang fuels sentiment recovery

Market sentiment around the Adani Group has improved in recent weeks, supported by strong institutional flows, clearer regulatory signals, and a sharp recovery in share prices.

According to market analysts, the participation of marquee global funds alongside large domestic mutual funds signals a widening and deepening of the investor base across Adani Group’s listed entities.

This comes amid renewed buying interest that has accelerated over the past two weeks, coinciding with developments in the United States where the Department of Justice dropped fraud-related charges against chairman Gautam Adani and his nephew Sagar Adani.

The relief has helped fuel a broad-based rally across the group’s portfolio, spanning infrastructure, ports, power, energy transition, and cement businesses. Five Adani Group companies—Adani Enterprises, Adani Power, Adani Ports and Special Economic Zone, Adani Energy Solutions, and Adani Green Energy—have surged to their respective 52-week highs.

Driven by the recent rally, Adani Group companies have now recouped nearly all losses triggered by the 2023 short-seller episode, with the conglomerate steadily regaining investor confidence after a prolonged period of regulatory scrutiny. The combined market capitalisation of listed entities has climbed to around ₹20 lakh crore.

Foreign brokerage Bernstein, in a report last week, noted that the group has effectively moved past two major overhangs that had weighed on sentiment over the past four years—the January 2023 short-seller allegations and the US SEC-Department of Justice investigations initiated in November 2024. The brokerage added that, following the latest US developments, both concerns now appear largely resolved.

While uncertainty had previously kept several institutional investors on the sidelines, Bernstein observed that the Adani Group’s execution capabilities and infrastructure-building track record were never in doubt among market participants.