Despite his termination, Gautam Adani still faces allegations of bribery and fraud in US courts.
Released on September 18, 2025
India’s Securities and Exchange Commission (SEBI) has rejected allegations of stock manipulation against Indian billionaire Gautam Adani and his group created by US Shortseller Hindenburg Studies.
Sebi announced its decision on Thursday.
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The agency began researching Adani Group companies in 2023, including Adani Ports, Adani Power and Adani Enterprises after accusing Hindenburg of using tax havens and failing to disclose transactions between the related parties.
According to two final orders issued by SEBI on Thursday, the investigation did not grant any violations.
“Sebi reaffirmed what we always maintain. We reaffirmed that Hindenburg’s claims are unfounded. Transparency and consistency have always defined Adani Group,” said Ghatham Adani, chairman of Adani Group, in a previous Twitter post.
“We are deeply in the pain of investors who lost their money due to this fraudulent and motivated report. Those who spread the false narrative are owing an apology to the nation.”
The company’s market capitalization has fallen since the Hindenburg report. It currently costs $150 billion, a decrease of $85 billion since the report was published two and a half years ago.
These are not the only allegations facing India’s second-highest and 29th in the world, Adan, is currently valued at $64 billion.
Adani also faces bribery charges in the United States. In November 2024, Adani was accused of paying more than $250 million in bribery to Indian officials, along with two executives, neo Sagar Adani and colleague Vneet Jaain, to secure a solar energy contract. The alleged payments made over four years from 2020 to 2024 were expected to generate $2 billion in profits.
Adani also denied these allegations.
