Gautam Adani on Thursday said that the Securities and Exchange Board of India’s (SEBI) final order has reaffirmed the Adani Group’s long-standing position that the allegations made by US-based short seller Hindenburg Research were “baseless.”
In a post on social media platform X, the Adani Group chair wrote:
“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.”
He added that the group “deeply feel[s] the pain of the investors who lost money because of this fraudulent and motivated report” and said those who spread “false narratives owe the nation an apology.” Adani also reiterated the group’s commitment to India’s institutions and nation-building, signing off his post with “Satyamev Jayate! Jai Hind!”
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.
We deeply feel the pain of the investors who lost money because of this fraudulent… pic.twitter.com/8YKeEYmmp5
— Gautam Adani (@gautam_adani) September 18, 2025
The statement came shortly after SEBI, in a detailed final order, dismissed allegations that Adani Group companies had routed funds through entities such as Milestone Tradelinks Pvt. Ltd. and Rehvar Infrastructure Pvt. Ltd. The regulator concluded that the loan transactions in question did not qualify as related party transactions under prevailing rules, all loans had been repaid with interest, and no evidence of fund diversion or investor harm was found.
By closing the proceedings without any penalty, SEBI effectively gave a clean chit to the Adani Group, bringing an end to one of the most high-profile probes triggered by Hindenburg’s January 2023 report.
