"The flagship firm's stock climbed the most since Aug. 11 on Friday. Securities and Exchange Board of India, or Sebi, said the evening before that there was no evidence of the Indian conglomerate using so-called related party transactions to route funds into its listed units in two orders on its website. Adani Group has repeatedly denied the accusations first made by Hindenburg, which has since disbanded."
"While the regulator's orders do not clear the ports-to-power conglomerate of other allegations raised by the short seller, they still mark a reprieve for Adani's empire and validate its stance of not being in violation of local laws. Asia's second-richest person continues to face a regulatory overhang from an indictment by the U.S. Department of Justice last year in an alleged $250 million bribery scheme."
Securities and Exchange Board of India found no evidence that Adani Group used related-party transactions to route funds into listed units and said transactions involving Adicorp, Milestone Tradelinks and Rehvar Infrastructure did not meet the related-party definition. Adani Enterprises shares rose as much as 5.2% and all 10 group-listed firms gained, with Adani Total Gas jumping over 13%. The orders do not clear other allegations, including a U.S. Department of Justice indictment alleging a $250 million bribery scheme. Hindenburg Research's January 2023 allegations had earlier triggered a market rout eroding over $150 billion.
Read at Fortune Asia
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