"The agency began investigating Adani Group companies, including Adani Ports, Adani Power and Adani Enterprises, in 2023 after the now-defunct Hindenburg accused them of using tax havens and failing to disclose transactions between related parties. The investigation found no violation, according to two final orders published by SEBI on Thursday. SEBI has reaffirmed what we have always maintained, that the Hindenburg claims were baseless."
"Transparency and integrity have always defined the Adani Group, Gautam Adani, chairman of the Adani Group, said in a post on X, formerly Twitter. 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. The company's market capitalization has tumbled since the Hindenburg report now at $150bn, a $85bn drop since the report was published two-and-a-half years ago."
SEBI dismissed allegations of stock manipulation against Gautam Adani and Adani Group companies that had been made by US short seller Hindenburg Research. The agency investigated Adani Ports, Adani Power and Adani Enterprises beginning in 2023 after Hindenburg accused use of tax havens and undisclosed related-party transactions. The investigation produced two final orders that found no violations. Gautam Adani called the claims baseless and said investors suffered because of a fraudulent report. The group's market capitalization fell to $150bn, an $85bn decline since the Hindenburg report. Separate US bribery accusations allege over $250m paid between 2020 and 2024; Adani denied those allegations.
Read at www.aljazeera.com
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