Mumbai: In a significant development, the Securities and Exchange Board of India (SEBI) has given a clean chit to the Adani Group, dismissing the allegations levelled by US-based short-seller Hindenburg Research.

The market regulator said there was no evidence of stock manipulation or regulatory breaches by Gautam Adani, his brother Rajesh Adani, or other Adani Group entities.

Hindenburg’s Allegations Sparked Market Turmoil

In January 2023, Hindenburg Research released a damning report accusing the Adani conglomerate of financial misconduct and market manipulation. The report triggered a massive sell-off, wiping billions from the group’s market valuation and sparking political uproar.

Adani’s Denial and SEBI’s Probe

Gautam Adani repeatedly rejected the allegations, terming them “baseless” and “malicious.” SEBI initiated an investigation, which has now concluded that the claims were not substantiated under the SEBI Act.

Opposition’s Political Attack

In August 2024, Hindenburg further alleged that SEBI chairperson Madhabi Puri Buch had indirect links to offshore entities tied to the so-called “Adani money siphoning scandal.” The Opposition used both issues to target the Modi government in Parliament.

Clean Chit Brings Relief to Adani Group

SEBI’s ruling ends one of India’s most high-profile corporate battles in recent years, bringing much-needed relief to the Adani Group, its investors, and the markets.