India’s market regulator, the Securities and Exchange Board of India (SEBI), has given a clean chit to the Adani Group and its chairman Gautam Adani in connection with allegations raised by US-based short-seller Hindenburg Research. SEBI stated that its probe found no evidence of financial wrongdoing or regulatory violations by the group.
Hindenburg report dismissed as baseless
Hindenburg had accused the Adani Group of fraudulent practices, including routing funds through related entities and misleading investors. SEBI’s investigation concluded that these claims were unfounded, with no diversion of funds or misuse of loans. The regulator also noted that all loans had been serviced with interest and dismissed the charge of using three companies to secretly move funds between group entities.
Gautam Adani responds
Welcoming SEBI’s findings, Gautam Adani said the outcome was a relief and reaffirmed the group’s consistent stand that the allegations were baseless. He added that those who spread false and motivated claims had caused losses to investors and should apologise to the nation. Adani stressed that transparency and integrity remain central to the group’s operations.
Market reaction
The clearance brought immediate gains for Adani Group companies on the stock market. Shares of Adani Total Gas, Adani Enterprises, Adani Power, Adani Ports, and Adani Green Energy rose as much as 10%
