India’s markets regulator, Securities and Exchange Board of India (Sebi), has absolved Gautam Adani, Rajesh Adani, and major group companies – Adani Ports & SEZ, Adani Power, and Adicorp Enterprises – of the serious accusations raised by Hindenburg Research. Following Sebi’s clean chit, Gautam Adani said that the market regulator has “reaffirmed” what they had been maintaining – the claims raised by Hindenburg were “baseless”.
‘Owe the nation an apology’
“After an exhaustive investigation, SEBI has reaffirmed what we have always maintained, that the Hindenburg claims were baseless,” he wrote on X (formerly Twitter) before adding, “Transparency and integrity have always defined the Adani Group.”
He further said that he “deeply feels the pain” of those who have “lost money” because of what he tagged “fraudulent and motivated” report, adding that people who have spread “false narratives” should apologise.
“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,” Adani went on to say.
He concluded, “Our commitment to India’s institutions, to India’s people and to nation building remains unwavering.”
After an exhaustive investigation, SEBI has reaffirmed what we have always maintained, that the Hindenburg claims were baseless. Transparency and integrity have always defined the Adani Group.
— Gautam Adani (@gautam_adani) September 18, 2025
We deeply feel the pain of the investors who lost money because of this fraudulent… pic.twitter.com/8YKeEYmmp5
No diversion of funds: Sebi
In two separate orders, Sebi said there was no evidence of insider trading, stock price manipulation, or breaches of minimum public shareholding rules. The regulator confirmed that none of the allegations listed in the show-cause notice were substantiated and therefore no penalties or further action were warranted.
The order noted that there was no diversion of funds, no siphoning of money, and no proof that Gautam Adani, Rajesh Adani, or CFO Jugeshinder Singh had attempted to conceal information.
“Having considered the matter holistically, I find that the allegations made against Noticees (Adani group firms and officials) in the show-cause notice (SCN) are not established. Considering the above, the question of devolvement of any liability on Noticees does not arise, and hence the question of determination of quantum of penalty also does not require any deliberation,” Sebi’s whole-time member Kamlesh Varshney wrote in the order.
“I hereby dispose of the instant proceedings against Noticees without any direction,” he added.
‘Largest corporate fraud in history’: Hindenburg alleged
On January 24, 2023, Hindenburg Research alleged that Adani Group had committed “the largest corporate fraud in history”. The firm alleged stock manipulation, accounting irregularities, and the use of offshore shell firms to inflate share prices. Concerns were also raised about related-party transactions and debt exposure.
The allegations triggered a sharp selloff, the group’s market value dropped by about $150 billion, and shares of Adani Enterprises collapsed by nearly 70%. Earlier this year, Hindenburg’s founder, Nate Anderson, announced that the firm would be “disbanded”.
Among the transactions examined were loans involving Adicorp Enterprises, Milestone Tradelinks (MTPL), and Rehvar Infrastructure; entities that Hindenburg claimed were used to move funds between Adani companies without disclosure as related-party deals.
Sebi’s said that although money was routed through these firms, the loans were interest-bearing, repaid in full, and not unlawful under the disclosure framework applicable at the time.