Sebi Clears Adani Group of Stock Manipulation Allegations; Adani Demands Apology from Critics

Billionaire Gautam Adani expressed relief following the Securities and Exchange Board of India's (Sebi) decision to clear his group of stock manipulation allegations. He stated that those who propagated false narratives using Hindenburg Research's report owe the nation an apology. Adani shared this sentiment in a post on X, accompanied by the national flag.

Sebi's investigation concluded that there was no evidence of the Adani Group using related parties to funnel funds into its listed companies. This finding supports Adani's long-standing assertion that the claims made by Hindenburg were unfounded. "After an exhaustive investigation, Sebi has reaffirmed what we have always maintained, that the Hindenburg claims were baseless," said Adani.

Adani Group's Integrity and Transparency

Adani emphasised that transparency and integrity have always been core values of his conglomerate. The Hindenburg report, released in January 2023, had led to a significant decline in the stock market value of Adani group companies, with losses reaching USD 150 billion at their lowest point. "We deeply feel the pain of the investors who lost money because of this fraudulent and motivated report," he added.

The businessman reiterated his group's unwavering commitment to India's institutions, its people, and nation-building efforts. He concluded his message with a patriotic note, stating, "Satyamev Jayate! JAI HIND!"

Impact of Hindenburg Report

The Hindenburg report had a dramatic impact on the financial markets, causing a substantial drop in the value of Adani group stocks. This event highlighted the vulnerability of companies to reports from short-sellers and underscored the importance of thorough investigations by regulatory bodies like Sebi.

Adani's response to Sebi's clean chit reflects his confidence in the group's operations and adherence to regulatory standards. The outcome of Sebi's investigation is seen as a vindication for Adani and his business practices.

The resolution of these allegations marks a significant moment for the Adani Group, reinforcing its position in the market. The group's focus remains on contributing positively to India's growth and development while maintaining its reputation for integrity.

With inputs from PTI