India’s Securities and Exchange Board (SEBI) has rejected allegations of stock manipulation and financial misconduct against the Adani Group, initially raised by U.S. short-seller Hindenburg Research in 2023, stating there is no evidence to support the claims, according to the BBC.
SEBI stated that its investigation revealed no violations of disclosure rules, no improper related-party transactions and no evidence of funds being diverted, affirming the Adani Group’s compliance with regulations. The regulator also noted that loans taken by Adani companies had been repaid before the probe’s initiation.
This decision clears the company of the claims that led to significant market losses and political debate last year.
Hindenburg Research, a U.S. activist short-seller, alleged accounting irregularities and stock manipulation at the Adani Group in 2023, resulting in a sharp decline in its share value. India’s market regulator later cleared the company of wrongdoing.
Meanwhile, U.S. authorities have indicted Gautam Adani, the founder and chairman of the Adani Group, on charges of bribery and fraud, though the case has yet to be reviewed in court.
