SEBI Clears Adani Group of Stock Manipulation Allegations
The Securities and Exchange Board of India (SEBI) on Thursday dismissed allegations of stock manipulation against billionaire Gautam Adani and his group of companies that were raised by U.S.-based short-seller Hindenburg Research in 2023. The market regulator issued two separate orders addressing the matter.
SEBI had begun investigating Adani group firms, including Adani Ports, Adani Power, and Adani Enterprises, after Hindenburg accused them of using offshore tax havens and failing to disclose related party transactions. While the conglomerate denied any wrongdoing, the allegations triggered a massive $150 billion sell-off across Adani stocks before they later recovered.
In its findings, SEBI concluded that the transactions flagged by Hindenburg could not be categorized as related party dealings and therefore did not breach disclosure norms or amount to market manipulation. An Adani group spokesperson did not immediately comment on the regulator’s decision.
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