SEBI Dismisses Hindenburg's Allegations Against Adani Group Companies
Markets regulator Securities Exchange Board of India (SEBI) has dismissed allegations of stock manipulation levelled by US Short Seller Hindenburg Research against Adani Group Chairman Gautam Adani and the group's companies.
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The Adani Group has consistently refuted the accusations brought forward by the short seller.
New Delhi:
Securities and Exchange Board of India (SEBI), the market's regulatory body, has rejected claims made by American short seller Hindenburg Research against Gautam Adani, the Chairman of Adani Group, and its companies including Adani Enterprises, Adani Ports, and Adani Power.
Hindenburg Research had alleged in January 2023 that the group utilized three companies - Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure - to channel funds between different Adani group companies.
SEBI presented its findings in two separate orders, stating no violations were found, highlighting that the transactions occurred when such dealings with unrelated parties weren't classified as related party transactions. This definition was subsequently amended.
According to a PTI report, SEBI terminated all proceedings against the Adani Group, noting that all loans were repaid, funds were used for their intended purposes, and there was no evidence of fraud or unfair trade practices.
Gautam Adani posted on Thursday that SEBI's conclusions have confirmed the short-seller's allegations were unfounded.
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 the investors who lost money because of this fraudulent… pic.twitter.com/8YKeEYmmp5
— Gautam Adani (@gautam_adani) September 18, 2025
"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 the investors who lost money because of this fraudulent and motivated report. Those who spread false narratives owe the nation an apology. Our commitment to India's institutions, to India's people and to nation building remains unwavering. Satyamev Jayate! JAI HIND!" he wrote in a post on X.
JN Gupta, former SEBI executive director, told NDTV on Thursday that since the Hindenburg report's publication, almost everyone gradually concluded that "Adanis were not on the wrong side".
"This order puts a final seal on the fact that there was no truth to the Hindenburg Report... This exposes a couple of things - that we have a system where we believe so many things without facts and that our system needs to improve because it has taken more than two years to come to this conclusion. Retail investors who panicked because of the report and liquidated their investment have lost," Mr Gupta said.
The Adani Group has consistently dismissed the allegations made by the short seller, whose founder, Nate Anderson, announced in January that it would be disbanded.
Discussing the hit jobs by Hindenburg later, Gautam Adani emphasized the importance of "rising stronger after every fall".
"Our leadership spirit was never more visible than during the financial market attack in January last year. It was a short-selling attack initiated from abroad. This was not a typical financial strike. It was a dual assault targeting our financial stability and pulling us into a political storm. It was a calculated move, timed just days before the close of our Follow-on Public Offer (FPO) and designed to cause maximum damage - and further amplified by certain media with vested interests," the Adani Group chairman emphasized.
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)