SEBI Clears Adani Group of Stock Manipulation Allegations
The Securities and Exchange Board of India (SEBI) has cleared the Adani Group of stock manipulation and insider trading allegations initially made by Hindenburg Research. SEBI's investigation found no substantial evidence of wrongdoing or violation of norms, dismissing the need for penalties or liabilities against Adani entities.
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The Securities and Exchange Board of India (SEBI) has exonerated the Adani Group of serious accusations made by US-based short-seller, Hindenburg Research. The regulator, after thorough investigation, confirmed no evidence of stock manipulation, insider trading, or breaches in disclosure norms by the conglomerate.
Hindenburg's January 2023 report accused Adani Group of using shell companies to manipulate stock prices. However, SEBI's investigation found no conclusive evidence supporting these claims, nor any violations of public shareholding norms or rules for related party transactions.
The clean slate comes after months of uncertainty for the Adani conglomerate, which saw their stocks dramatically fall, erasing over USD 150 billion. Despite this turmoil, the group has regained most of its market value, supported by a Supreme Court panel's lack of evidence for the alleged infractions.
(With inputs from agencies.)
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