India’s markets regulator, the Securities and Exchange Board of India (Sebi), on Thursday cleared the Adani Group and its Chairman, Gautam Adani, of all allegations made by US-based short-seller Hindenburg Research regarding the alleged misuse of funds and concealment of related party transactions, reported the PTI.

In 2023, Hindenburg Research released a damning report accusing the Adani Group of stock manipulation, misuse of offshore tax havens, and artificially inflated valuations. The report claimed that Gautam Adani, the group’s chairman, had amassed over USD 100 billion in wealth over the previous three years, primarily due to a dramatic rise in the share prices of the group’s seven main listed companies, which had reportedly surged by an average of 819 per cent during that time.