Regulatory body in India dismisses some accusations leveled by Hindenburg against Adani Group.
Adani Group Cleared of Allegations by SEBI
In a significant development, the Securities and Exchange Board of India (SEBI) has cleared several companies within the Adani Group of allegations made by Hindenburg Research. The conglomerate, which operates in ports-to-power sectors, was accused of corporate fraud and funding impropriety earlier this year.
The SEBI's findings reaffirm the Adani Group's stance that the Hindenburg report was baseless. According to SEBI member Kamlesh C. Varshney, the allegations against the Adani Group were not established. The orders on Thursday concerned Adani Group's listed ports and power units.
Specifically, SEBI found that the Adani Group did not use related-party transactions to route funding into group companies, a claim that was a central part of the Hindenburg report. The group was also accused of making numerous undisclosed related-party transactions and earnings manipulation, but these allegations have been dismissed.
Gautam Adani, the founder of the Adani Group, welcomed the regulator's findings on social media platform X. Adani expressed regret for the investors who lost money due to the Hindenburg report, stating that the claims were baseless. He also suggested that those who spread false narratives owe the nation an apology.
Adani's wealth has been significantly impacted by the Hindenburg report. In 2023, the Adani Group experienced a significant market value loss due to the report. However, Adani's ranking among the world's richest people remains unchanged, with him being ranked 20th according to a Bloomberg index of billionaires.
The Vizhinjam International Seaport, operated by the Adani Group, is just one example of the group's success. Despite the allegations made by Hindenburg Research, the Adani Group continues to operate in multiple sectors, including ports and power.
Nate Anderson, founder of Hindenburg Research, announced in January that the investment group had completed its projects and would be disbanded. It remains unclear which authority completed the investigation into financial misconduct allegations against Gautam Adani's companies by Hindenburg Research on June 9, 2025.
In conclusion, the SEBI's findings have provided a much-needed clarity in the matter. The Adani Group can now focus on its operations, confident in the knowledge that it has not violated any market disclosure rules.
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