India's SEBI dismisses Hindenburg allegations against Adani group

The Securities and Exchange Board of India on Thursday dismissed allegations of stock manipulation against billionaire Gautam Adani and his group of companies made by US short-seller Hindenburg Research. SEBI began investigating Adani Group companies, including Adani Ports, Adani Power and Adani Enterprises, in 2023 after Hindenburg accused them of using tax havens and failing to disclose transactions between related parties. While the conglomerate denied wrongdoing, the accusations led to a $150-billion sell-off of the group's stock. The shares have since recovered. "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, chairman of Adani Group, said on X. In January, Hindenburg Research founder Nathan...