Markets Cheer as SEBI Clears Adani Group of Hindenburg Allegations

The Securities and Exchange Board of India (SEBI) delivered a resounding vindication for the Adani Group on September 18, 2025, dismissing all allegations of stock manipulation, insider trading, and related-party transaction violations leveled by US short-seller Hindenburg Research in its explosive January 2023 report. In two detailed orders, SEBI’s whole-time member Kamlesh Chandra Varshney concluded that no regulatory breaches occurred, effectively closing the two-year investigation and imposing no penalties on Gautam Adani, Rajesh Adani, or entities like Adani Ports, Adani Power, and Adani Enterprises.

Mr Adani Writes on his X handle “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!”

Hindenburg had accused the conglomerate of using offshore shell companies to siphon funds and inflate share prices, labeling it “the largest corporate fraud in history.” The report triggered a $150 billion market cap wipeout for Adani stocks. However, SEBI found the transactions were genuine business dealings, not qualifying as related-party ones under the rules at the time.

Mr Adani On his X Post Said The People who spread False Narrative owe an Apology to the Nation. Infact His investors who took the Beating due to this false narrative deserve a Greater Apology.