Sebi dismisses Hindenburg Research's allegations against Adani Group
After examining the matter, the regulator said it has decided to "dispose of the instant proceedings against Noticees without any direction."
- Sep 18, 2025,
- Updated Sep 18, 2025 6:43 PM IST
The Securities and Exchange Board of India (Sebi) has dismissed allegations of stock manipulation made by US-based short-seller Hindenburg Research against billionaire Gautam Adani and his group companies, including Adani Ports and Adani Power.
Hindenburg had alleged that Adicorp Enterprises Pvt Ltd was used as a vehicle to route funds from various Adani group companies to publicly listed Adani Power.
According to the report, four Adani group firms lent Adicorp a total of Rs 620 crore ($87.4 million) in 2020, and Adicorp subsequently loaned Rs 610 crore ($86 million) to Adani Power on an unsecured basis.
The report claimed these transactions were not disclosed in the financial statements of the lending companies, several of which are listed entities.
The Sebi order covered Adani Ports & Special Economic Zone Ltd, Adani Power Ltd, Adicorp Enterprises Pvt Ltd, Gautam Shantilal Adani and Rajesh Shantilal Adani. After examining the matter, the regulator said it has decided to "dispose of the instant proceedings against Noticees without any direction."
Sebi stated that a detailed investigation was conducted to assess whether the transactions violated the Sebi Act or involved material misrepresentation in the financial statements.
The regulator concluded that the transactions in question did not qualify as "related-party transactions" and found no breach of the Listing Agreement or LODR Regulations.
The Securities and Exchange Board of India (Sebi) has dismissed allegations of stock manipulation made by US-based short-seller Hindenburg Research against billionaire Gautam Adani and his group companies, including Adani Ports and Adani Power.
Hindenburg had alleged that Adicorp Enterprises Pvt Ltd was used as a vehicle to route funds from various Adani group companies to publicly listed Adani Power.
According to the report, four Adani group firms lent Adicorp a total of Rs 620 crore ($87.4 million) in 2020, and Adicorp subsequently loaned Rs 610 crore ($86 million) to Adani Power on an unsecured basis.
The report claimed these transactions were not disclosed in the financial statements of the lending companies, several of which are listed entities.
The Sebi order covered Adani Ports & Special Economic Zone Ltd, Adani Power Ltd, Adicorp Enterprises Pvt Ltd, Gautam Shantilal Adani and Rajesh Shantilal Adani. After examining the matter, the regulator said it has decided to "dispose of the instant proceedings against Noticees without any direction."
Sebi stated that a detailed investigation was conducted to assess whether the transactions violated the Sebi Act or involved material misrepresentation in the financial statements.
The regulator concluded that the transactions in question did not qualify as "related-party transactions" and found no breach of the Listing Agreement or LODR Regulations.