Good morning. In a plot twist worthy of a corporate whodunit, India’s market watchdog SEBI just gave the Adani Group a regulatory all-clear, dismissing Hindenburg’s explosive 2023 fraud claims after a 22-month probe. While Adani’s stocks recover from their $150B nosedive, critics eye SEBI’s secretive playbook, and supporters toast a victory lap. Turns out, not every financial storm leaves scorch marks.
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SEBI Closes Hindenburg Case Against Adani Group
India's securities regulator, the Securities and Exchange Board of India (SEBI), concluded its investigation into allegations made by US short-seller Hindenburg Research against the Adani Group in 2025. The regulator found "no merit" in claims of stock manipulation, accounting fraud, or governance violations, formally ending proceedings.
Key Details:
- Allegations stemmed from Hindenburg’s 2023 report accusing Adani of artificially inflating stock values and hiding offshore transactions.
- SEBI’s 22-month probe reviewed financial records, transactions, and disclosures but found insufficient evidence to support the claims.
- The Adani Group consistently denied wrongdoing, calling the report a “calculated attack” on India’s economy.
Implications:
The ruling provides regulatory clarity for the conglomerate, which lost over $150 billion in market value after the report’s release. Critics argue the probe’s outcome raises questions about oversight transparency, while supporters view it as validation of Adani’s compliance.
SEBI emphasized its findings were based on “detailed analysis” but did not publicly disclose full investigation details citing confidentiality rules.
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