False Narrative
Hindenburg claims baseless, SEBI reaffirmed what we maintained, says Adani
This story was originally published at 20:57 IST on 18 September 2025
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MUMBAI – Adani group Chairman Gautam Adani said the Securities and Exchange Board of India has "reaffirmed" what the conglomerate has maintained in the matter of allegations raised by US short seller Hindenburg Research. "Hindenburg claims were baseless. Transparency and integrity have always defined the Adani Group," the chairman said on his social media handle, X, formerly known as Twitter.
"We deeply feel the pain of the investors who lost money because of this fraudulent and motivated report. Those who spread false narratives owe the nation an apology."
The market regulator Thursday said it did not find any violation of SEBI's listing norms by the group as the impugned transactions do not qualify as 'related party transactions'. "It is held that impugned transactions cannot be classified as manipulative or fraudulent transactions or unfair trade practice...," SEBI said in its final order.
The order was related to the short seller's allegation that the conglomerate's three listed companies--Adani Ports and Special Economic Zone Ltd., Adani Enterprises Ltd., and Adani Power Ltd.--used three conduit entities to route funds from the group companies. In 2023, Hindenburg had levelled allegations of accounting fraud and stock market manipulation against the
Adani group, following which share prices of all its listed companies had tanked. These claims were made just a few months after global rating agency Fitch Ratings called the conglomerate 'deeply overleveraged'.
On Thursday, shares of Adani Ports closed 0.5% higher at INR 1,412.80 on the National Stock Exchange and those of Adani Power ended 0.1% higher at INR 631.35. Shares of Adani Enterprises ended flat at INR 2,402. End
Reported by Anjana Therese Antony
Edited by Ashish Shirke
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