New Delhi: Adani Group Chairman Gautam Adani has welcomed the Securities and Exchange Board of India’s (SEBI) clean chit in the Hindenburg Research case, calling it a vindication of the group’s position.
“After an exhaustive investigation, SEBI has reaffirmed what we have always maintained — that the Hindenburg claims were baseless. Transparency and integrity have always defined the Adani Group. We deeply feel the pain of investors who lost money because of this fraudulent and motivated report. Those who spread false narratives owe the nation an apology,” Adani said in a post on X.
He added, “Our commitment to India’s institutions, to India’s people, and to nation-building remains unwavering. Satyamev Jayate! Jai Hind!”
In its two orders, SEBI cleared Adani Enterprises, Adani Ports, Adani Power, and other group companies of allegations of insider trading, market manipulation, and violations of public shareholding norms. The regulator said its probe found no evidence to support Hindenburg’s claims and that the alleged transactions did not qualify as related-party deals under disclosure norms.
Hindenburg Research had alleged in January 2023 that three entities Adicorp Enterprises Pvt Ltd, Milestone Tradelinks Pvt Ltd, and Rehvar Infrastructure Pvt Ltd were used as conduits to route funds between Adani group companies, accusations the conglomerate has consistently denied.
The clean chit marks a major relief for the Adani Group after months of scrutiny and market volatility triggered by Hindenburg’s report.
