No evidence to support allegations; Adani gets clean chit, SEBI dismisses Hindenburg report

NEW DELHI: The Securities and Exchange Board of India (SEBI) has dismissed the Hindenburg report that accused the Adani Group of large-scale stock market manipulation, giving the group a clean chit. SEBI found no evidence to support the allegations of fraud and said all proceedings against the Adani Group would be closed.

US-based short-seller Hindenburg had alleged that shares of Adani Ports and Adani Power were manipulated. It was also alleged that three companies- Andi Corp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure- were used to transfer funds between Adani Group firms.

SEBI, however, clarified that there was no violation of shareholder norms. A detailed investigation showed that all loans were repaid, funds were used only for intended purposes, and there was no fraud or unfair trading practices. Earlier, a Supreme Court-appointed expert panel had also rejected similar allegations against the Adani Group.