SEBI clean chit: Gautam Adani says those spreading false narratives using fraudulent report owe apology

Sebi cleared Adani and his group of stock manipulation allegations made by US short-seller Hindenburg Research, saying it found no evidence that the conglomerate used related parties to route funds into its listed companies.

New Delhi: Buoyed by Sebi clean chit, billionaire Gautam Adani on Thursday said those who spread false narratives using Hindenburg Research's 'fraudulent and motivated' report owe the nation an apology.

In a post on X accompanied by the national tricolour, Adani said the Sebi clean chit has reaffirmed what his group has always maintained -- "that the Hindenburg claims were baseless".

Sebi on Thursday cleared Adani and his group of stock manipulation allegations made by US short-seller Hindenburg Research, saying it found no evidence that the conglomerate used related parties to route funds into its listed companies.

"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," the Adani Group Chairman said in the post.

Hindenburg report of January 2023 had triggered a stock market rout of Adani group companies, who at their lowest point lost USD 150 billion in value.

"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 said.

"Our commitment to India's institutions, to India's people and to nation building remains unwavering." He signed off the post with, "Satyamev Jayate! JAI HIND!"