'Transparency, integrity have always defined Adani Group': Gautam Adani after SEBI clean chit in Hindenburg case
Welcoming Securities and Exchange Board of India (SEBI)'s clean chit to charges made by US-based short seller Hindenburg Research, Adani Group Chairman Gautam Adani has said the truth alone triumphs and the markets regulator's order reinforces what the group has always maintained - that the claims were baseless.
He also expressed sympathy with investors who lost money due to the "fraudulent and motivated report".
"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," he posted on X on Thursday.
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
This comes after SEBI has cleared Indian businessman Gautam Adani, Rajesh Adani and several Adani Group entities of the allegations which were levelled by the US-based short-seller Hindenburg Research.
The regulatory authority for the securities and capital markets in India said the charges were not established and there was no violation of the SEBI Act.
In January 2023, Hindenburg Research made serious accusations against billionaire Gautam Adani's extensive ports-to-power conglomerate, alleging stock market manipulation and financial misconduct.
However, Gautam Adani had repeatedly and categorically denied all allegations made by the short-selling firm.
In August 2024, the Hindenburg Research had claimed that whistleblower documents reveal SEBI chairperson Madhabi Puri Buch had an interest in the obscure offshore entities implicated in the "Adani money siphoning scandal."
Both the Adani and SEBI chairperson issues were weaponised by the Opposition to corner the Modi government at the Centre.
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