• SEBI cleared Adani Group of allegations made by Hindenburg Research.
• Investigations found no evidence of stock manipulation or fraud.
• Gautam Adani stated the claims were "baseless" and caused investor losses.

India's Securities and Exchange Board (SEBI) has officially dismissed allegations made by Hindenburg Research against Gautam Adani and his conglomerate, finding no evidence of stock manipulation or fraud. The regulator explained that the transactions in question did not qualify as related-party dealings under current definitions, which were amended only in 2021, and thus did not require disclosure. As a result, SEBI announced the termination of all proceedings against the Adani Group, confirming that all funds were appropriately managed, according to Indiatimes.

The investigation initiated by SEBI in 2023 followed Hindenburg's claims that Adani Group was using offshore entities to hide related-party transactions, which reportedly misled investors. However, SEBI's findings indicated that these claims were unfounded, as the transactions did not involve "fraudulent" routing of funds, and all loans made were repaid with interest. Gautam Adani appreciated the ruling, asserting that transparency and integrity have always characterized the group, according to Al Jazeera, Channel News Asia, and BBC.

Despite the clearances from SEBI, Gautam Adani still faces separate bribery allegations in the United States, where he and two executives have been accused of paying over $250 million in bribes to secure government contracts in solar energy. These allegations remain unresolved and have added a layer of complexity to his legal challenges, as reported by Indiatimes and Dawn.

The fallout from Hindenburg's initial report has considerably impacted Adani Group's market value, leading to an approximately $150 billion loss during the investigation period. Gautam Adani reiterated his group's commitment to ethical dealings while lamenting the damage to investors caused by what he termed a "fraudulent and motivated report," according to Channel News Asia and BBC.