'We feel pain of investors who lost money': Gautam Adani after SEBI's clean chit in Hindenburg case
SEBI has reaffirmed what we have always maintained, that the Hindenburg claims were baseless, says Gautam Adani
- Sep 18, 2025,
- Updated Sep 18, 2025 8:06 PM IST
After SEBI gave a clean chit to Adani Group in the Hindenburg case, chairman Gautam Adani said on Thursday that charges were "baseless" and that he felt the pain of investors who lost money following 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," Adani said. "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."
The SEBI investigation, which concluded on Thursday, cleared the Adani Group and its chairman of any wrongdoing, particularly regarding allegations by Hindenburg Research that the company had routed funds through three entities to hide related party transactions. SEBI found no violations, stating that the related party transactions at the time did not fall under the expanded definition introduced in a 2021 amendment. It also clarified that the loans were repaid with interest, and there was no evidence of funds being siphoned off or any fraudulent activity.
The clean chit from the markets regulator came after months of scrutiny following the January 2023 report by Hindenburg Research, which alleged that the Adani Group used companies like Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure as conduits for routing money to avoid disclosure rules on related party transactions. The report led to massive corrections in Adani Group stocks, causing significant financial losses for retail investors.
After SEBI gave a clean chit to Adani Group in the Hindenburg case, chairman Gautam Adani said on Thursday that charges were "baseless" and that he felt the pain of investors who lost money following 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," Adani said. "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."
The SEBI investigation, which concluded on Thursday, cleared the Adani Group and its chairman of any wrongdoing, particularly regarding allegations by Hindenburg Research that the company had routed funds through three entities to hide related party transactions. SEBI found no violations, stating that the related party transactions at the time did not fall under the expanded definition introduced in a 2021 amendment. It also clarified that the loans were repaid with interest, and there was no evidence of funds being siphoned off or any fraudulent activity.
The clean chit from the markets regulator came after months of scrutiny following the January 2023 report by Hindenburg Research, which alleged that the Adani Group used companies like Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure as conduits for routing money to avoid disclosure rules on related party transactions. The report led to massive corrections in Adani Group stocks, causing significant financial losses for retail investors.