Adani Group in Hindenburg Case:

Business tycoon Gautam Adani has welcomed the recent order of the Securities and Exchange Board of India (SEBI), which cleared the Adani Group from some allegations made by US-based short seller Hindenburg Research. Adani said that “transparency and integrity have always defined us” and added that those who spread false narratives should apologize to the nation.

Adani Group in Hindenburg Case:

SEBI’s order comes after a long investigation into claims made by Hindenburg in January 2023. The research firm had alleged that the Adani Group used related-party transactions to route funds into its listed companies, including Adani Enterprises and Adani Power. The accusations led to a massive stock market fall, wiping out over \$150 billion in market value at one stage.

According to SEBI, there was no evidence that Adicorp Enterprises, Milestone Tradelinks, or Rehvar Infrastructure were misused as channels for fund transfers. The regulator clarified that these dealings did not fall under the definition of “related party transactions” and therefore did not violate disclosure rules.

Reacting to the decision, Gautam Adani said the findings have reaffirmed what the company has always maintained—that the allegations were baseless. He also expressed sympathy for investors who lost money due to what he called a “fraudulent and motivated report.” Adani reassured that the group’s commitment to India’s institutions, people, and nation-building remains strong.

However, the SEBI order does not fully close the case. Some of the other allegations mentioned in the Hindenburg report are still under regulatory and judicial review. The controversy had earlier led to a Supreme Court-monitored probe into the group’s financial dealings.

On the market front, Adani Enterprises shares closed almost flat at ₹2,401.85 on Thursday, while the Sensex ended the day higher by 0.39% at 83,013.96 points.

The development marks a significant step for the Adani Group, which has faced intense scrutiny for nearly two years. For now, the regulator’s clean chit on certain charges provides relief to the conglomerate and its investors, even as the larger case continues.

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