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...