The Securities and Exchange Board of India (SEBI) has dismissed allegations of stock manipulation against Indian billionaire Gautam Adani and his group of companies that had been made by US short seller Hindenburg Research.
SEBI announced its decision on Thursday.
The agency began investigating Adani Group companies, including Adani Ports, Adani Power and Adani Enterprises, in 2023 after the now-defunct Hindenburg accused them of using tax havens and failing to disclose transactions between related parties.
The investigation found no violation, according to two final orders published by SEBI on Thursday.
“SEBI has reaffirmed what we have always maintained, that the Hindenburg claims were baseless. Transparency and integrity have always defined the Adani Group,” Gautam Adani, chairman of the Adani Group, said in a post on X, formerly Twitter.
“We deeply feel the pain of the investors who lost money because of this fraudulent and motivated report. Those who spread false narratives owe the nation an apology.”
The company’s market capitalization has tumbled since the Hindenburg report — now at $150bn, a $85bn drop since the report was published two-and-a-half years ago.
These are not the only allegations faced by Adan, the second-richest person in India and the 29th in the world, currently valued at $64bn.
Adani also faces bribery charges in the United States. In November 2024, Adani, along with two executives—his nephew Sagar Adani, and colleague Vneet Jaain—was accused of paying more than $250m in bribes to Indian officials to secure solar energy contracts. The alleged payments, made over a four-year period from 2020 to 2024, were expected to generate $2bn in profits.
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