Indian regulators dismiss stock manipulation allegations on Adani Group

The US-based Securities and Exchange Board of India (SEBI) has refuted allegations that US short seller Hindenburg Research made stock-dealing arrangements with Indian billionaire Gautam Adani and his group of companies.

On Thursday, SEBI made its decision public.

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After the now-defunct Hindenburg accused Adani Group companies of using tax havens and failing to disclose transactions between related parties, the agency began looking into Adani Group companies in 2023.

According to two final orders released by SEBI on Thursday, the investigation concluded without any violations.

The Hindenburg claims are unsupported, and SEBI has confirmed what we have always said. The Adani Group has always been known for transparency and integrity, according to Gautam Adani, the Adani Group chairman, in a post on X, formerly Twitter.

“We deeply sympathize with the investors who lost money as a result of this fictitious and ill-informed report. The country is owed an apology from those who spread falsehoods.

Since the publication of the Hindenburg report, the company’s market capitalization has decreased by $85 billion, or $150 billion.

Adan, the 29th richest person in the world and the second-richest person in India, is also making these allegations, with a $64 billion valuation.

In the United States, Adani is also accused of bribery. Adani and two executives, including his nephew Sagar Adani and his coworker Vneet Jaain, were charged with paying more than $ 250 million in bribes to Indian officials in order to secure solar energy contracts in November 2024. The alleged payments, which were made between 2020 and 2024, were supposed to bring in $ 2 billion in profits.