Market regulator, the Securities and Exchange Board of India (SEBI), has dismissed US-based short seller Hindenburg Research’s allegations of stock manipulation against the Adani Group companies and the Group’s Chairman, Gautam Adani.
SEBI, in its order, confirmed that no evidence of wrongdoing by the Adani Group was found in connection with Hindenburg’s claims.
“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,” Gautam Adani said on SEBI order.
In its 2023 report, Hindenburg Research had accused the Group of accounting fraud, stock manipulation, and money laundering. It alleged that shell companies were frequently used to funnel assets into or out of Adani Group companies to manipulate stock prices.
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