India’s market regulator, the Securities and Exchange Board of India (SEBI), has issued two orders clearing several of Gautam Adani’s companies of some of the allegations made by U.S. short-seller Hindenburg Research. Hindenburg’s 2023 report had accused the Adani Group of corporate fraud, which led to a significant drop in the conglomerate’s market value. The allegations included undisclosed related-party transactions and earnings manipulation.

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Findings from the Investigation

After an exhaustive investigation, SEBI found that the Adani Group did not use related-party transactions to route funding into its companies, concluding that the allegations were “not established” and did not violate existing market disclosure rules. Gautam Adani, the founder of the conglomerate, welcomed the regulator’s findings on social media, reiterating that the claims were “baseless.” He also stated that those who spread “false narratives” owe the nation an apology.