Industrialist Gautam Adani said he “deeply feels the pain of investors” who suffered losses due to what he termed a “fraudulent and motivated” report by US short-seller Hindenburg Research. His remarks came shortly after the Securities and Exchange Board of India (SEBI) cleared the Adani Group of all allegations linked to the case.
Taking to X, Adani wrote, “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. 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.
“Our commitment to India’s institutions, to India’s people and to nation building remains unwavering. Truth alone triumphs! Victory to India!” he added.
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.
We deeply feel the pain of the investors who lost money because of this fraudulent… pic.twitter.com/8YKeEYmmp5
— Gautam Adani (@gautam_adani) September 18, 2025
SEBI Rules Out Violations or Fraud
In its findings, SEBI stated that the Adani Group had not breached the listing agreement or the Listing Obligations and Disclosure Requirements (LODR). The market regulator clarified that the contested transactions did not fall under the category of “related party transactions” during the period in question, noting that such dealings were explicitly included only after a regulatory amendment in 2021.
SEBI further pointed out that the Supreme Court had previously dismissed the petitioner’s challenge, observing that the regulatory framework had not been shaped by any illegality. The apex court also saw no merit in directing SEBI to roll back amendments made to the LODR rules.
The regulator emphasised that there was no breach of Section 12A of the SEBI Act or of the SEBI (Prohibition of Fraudulent and Unfair Trade Practices relating to Securities Market) Regulations. It concluded that no evidence of fraud, misrepresentation, or diversion of funds was established, adding that all monies involved had been returned with interest.
As a result, SEBI closed the proceedings without imposing penalties or liabilities on any Adani Group companies or executives.
Background of Hindenburg Case
Hindenburg Research, in January 2023, released a report alleging financial irregularities within the Adani Group. The allegations triggered a sharp fall in the group’s share prices. At the time, the conglomerate had categorically denied the claims.
Speaking at the Annual General Meeting of Adani Enterprises soon after the report, Gautam Adani had asserted that the group was “faced with baseless accusations made by a foreign short seller, that questioned our decades of hard work.”
