Topline
India’s securities regulator on Thursday dismissed allegations against Gautam Adani, the second-wealthiest person in Asia, and companies owned by his Adani Group, after the U.S. short-seller Hindenburg Research accused Adani of stock manipulation and widespread fraud in “the largest con in corporate history.”
An investment firm accused billionaire Gautam Adani’s Adani Group of the “largest con in corporate history.”
Hindustan Times via Getty Images
Key Facts
The Securities and Exchange Board of India, in a pair of orders on Thursday, ruled transactions between Adani Group companies and firms flagged by Hindenburg neither violated regulations nor constituted market manipulation.
An investigation by SEBI followed accusations published by Hindenburg in January 2023, including claims that Adani Ports, Adani Power and Adani Enterprises had structured transactions with three unrelated companies to conceal that they were connected parties, which should have been disclosed to Adani Group investors.
SEBI board member Kamlesh Varshney ruled the allegations by Hindenburg are “not established,” noting transactions with the companies—Adicorp, Milestone Tradelinks and Rehvar Infrastructure—did not meet the definition of a related party.
Adani applauded SEBI’s ruling on X, writing Hindenburg’s allegations were “baseless,” adding, “We deeply feel the pain of the investors who lost money because of this fraudulent and motivated report.”
Big Number
$150 billion. That’s how much was reportedly cut across a selloff of Adani Group’s stocks following Hindenburg’s report. Shares of several of the conglomerate’s firms, including Adani Power and Adani Enterprises, have largely recovered.
Forbes Valuation
Adani has the second-largest fortune in Asia, estimated at $64.3 billion as of Thursday afternoon. He is the chairman of the Ahmedabad-headquartered Adani Group, a conglomerate with businesses across infrastructure, food, green energy and power, among other industries.
Key Background
Hindenburg disclosed a short position in Adani Group’s listed companies in January 2023, alleging the companies had engaged in “brazen stock manipulation and accounting fraud schemes over the course of decades.” Adani Group denied the claims and framed the short seller’s allegations as a “calculated attack on India” and the “independence, integrity and quality of Indian institutions.” In a second statement denouncing the claims, Adani Group argued Hindenburg’s report had created “volatility in Indian stock markets” that “led to unwanted anguish for Indian citizens.” This stance was opposed by some Indian politicians, who accused the Adani Group of relying on Indian nationalism to dispute the allegations. Hindenburg also responded to Adani Group’s defense, writing that while the company believed India was a “vibrant democracy and emerging superpower,” it also believed “India’s future is being held back by the Adani Group.”
Tangent
Hindenburg founder Nate Anderson announced in January he would disband the activist firm after they “finished the pipeline of ideas we were working on.” The research company previously reported allegations against Nikola, billionaire Carl Icahn and Carvana.
Further Reading
Source: https://www.forbes.com/sites/tylerroush/2025/09/18/india-regulators-clear-billionaire-gautam-adani-of-hindenburg-allegations/
