The Securities and Exchange Board of India on Thursday dismissed allegations of stock manipulation against billionaire Gautam Adani and his group of companies made by U.S. short-seller Hindenburg Research.
SEBI began investigating Adani group companies, including Adani Ports, Adani Power and Adani Enterprises, in 2023 after Hindenburg accused them of using tax havens and failing to disclose transactions between related parties.
While the conglomerate denied wrongdoing, the accusations led to a $150-billion sell-off of the group's stock. The shares have since recovered.
An Adani group spokesperson did not immediately offer a comment on SEBI's decision, which was contained in two separate orders.
SEBI said that the transactions between Adani group companies and companies flagged by Hindenburg could not be called related party transactions and therefore did not violate regulatory norms on disclosures or constitute market manipulation.
