TNI Bureau: The Security and Exchange Board of India (SEBI) has given a clean chit to the Adani Group in the case linked to allegations made by US-based short-seller Hindenburg Research. The market regulator said it found no evidence of stock manipulation or the use of related parties to channel funds into the conglomerate’s listed companies.

Responding to the development, Adani Group Chairman Gautam Adani said the findings reaffirmed the group’s stand that the Hindenburg claims were baseless. In a post on X, he called the report “fraudulent and motivated” and said those who spread false narratives owe the nation an apology. He added that transparency and integrity have always guided the group’s operations.

The Hindenburg report, published in January 2023, had caused a sharp decline in Adani Group shares, wiping out around USD 150 billion in market value at one point. Adani said the group remains committed to nation building and signed off his post with “Satyamev Jayate” and “Jai Hind.”