Sebi Clears Adani Group of Market Manipulation Allegations, Bringing Relief to Tycoon
Sebi cleared the Adani Group of stock manipulation allegations made by Hindenburg Research. The investigation found no evidence of insider trading or related party transactions, leading to the dropping of all charges. The Adani Group refuted the allegations, describing the report as baseless. The Supreme Court's committee also supported these findings.
- Country:
- India
In a significant development, the Securities and Exchange Board of India (Sebi) has exonerated the Adani Group from stock manipulation accusations brought forth by U.S. short-seller Hindenburg Research.
The detailed investigation revealed no evidence of insider trading or violations of public shareholding norms, allowing the conglomerate to breathe a sigh of relief by dismissing all charges.
The complaints stemmed from a controversial report in January 2023, alleging financial malpractice within the Adani Group, which the corporation has consistently denied, labeling these claims as unfounded.
(With inputs from agencies.)
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