In an official filing on Thursday, September 18, 2025, India’s capital markets regulator, the Securities and Exchange Board of India (SEBI), announced it was dismissing the stock manipulation allegations made by US-based short seller Hindenburg Research against billionaire Gautam Adani and his group companies.
Hindenburg had alleged that four Adani group companies lent Rs 6.2 billion ($87.4 million) in 2020, without properly disclosing it in financial statements. It also claimed that Adicorp Enterprises then loaned Rs 6.1 billion ($86 million) to Adani Power on an unsecured basis.
SEBI today said that there is no evidence that the Indian conglomerate used a so-called related party to route funds into its listed units, SEBI said in two separate orders published on its website on Thursday.
SEBI conducted a thorough investigation into the matter to check if there were any violations of the SEBI Act, including possible misrepresentation in financial statements of Gautam Adani and his companies. After examining all details, the regulator concluded that the transactions were legitimate and did not violate the Listing Agreement or LODR Regulations, as they did not qualify as “related party transactions.”
The order covers Adani Ports & Special Economic Zone Limited, Adani Power Limited, Adicorp Enterprises Pvt. Ltd., Gautam Shantilal Adani, and Rajesh Shantilal Adani. Sebi has now decided to close the case without taking any further action against the group.
The clean chit is a significant victory for the Adani Group, which had seen its market value plummet by billions of dollars in the wake of the Hindenburg report. The ruling effectively neutralizes one of the most damaging sets of allegations against the company and may help restore investor confidence.
Sebi’s decision to “dispose of the instant proceedings against Noticees without any direction” signifies a definitive end to the regulatory probe. The order covers key entities and individuals named in the Hindenburg report, including Adani Ports & Special Economic Zone, Adani Power, and Gautam Adani himself.
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