Indian regulators dismiss stock manipulation allegations on Adani Group

Despite the dismissal, Gautam Adani inactive faces allegations of bribery and fraud successful US courts.

The Securities and Exchange Board of India (SEBI) has dismissed allegations of banal manipulation against Indian billionaire Gautam Adani and his radical of companies that had been made by US abbreviated seller Hindenburg Research.

SEBI announced its determination connected Thursday.

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The bureau began investigating Adani Group companies, including Adani Ports, Adani Power and Adani Enterprises, successful 2023 aft the now-defunct Hindenburg accused them of utilizing taxation havens and failing to disclose transactions betwixt related parties.

The probe recovered nary violation, according to 2 last orders published by SEBI connected Thursday.

“SEBI has reaffirmed what we person ever maintained, that the Hindenburg claims were baseless. Transparency and integrity person ever defined the Adani Group,” Gautam Adani, president of the Adani Group, said successful a station connected X, formerly Twitter.

“We profoundly consciousness the symptom of the investors who mislaid wealth due to the fact that of this fraudulent and motivated report. Those who dispersed mendacious narratives beryllium the federation an apology.”

The company’s marketplace capitalization has tumbled since the Hindenburg study — present astatine $150bn, a $85bn driblet since the study was published two-and-a-half years ago.

These are not the lone allegations faced by Adan, the second-richest idiosyncratic successful India and the 29th successful the world, presently valued astatine $64bn.

Adani besides faces bribery charges successful the United States. In November 2024, Adani, on with 2 executives—his nephew Sagar Adani, and workfellow Vneet Jaain—was accused of paying much than $250m successful bribes to Indian officials to unafraid star vigor contracts. The alleged payments, made implicit a four-year play from 2020 to 2024, were expected to make $2bn successful profits.

Adani denied those allegations arsenic well.