After getting a clean chit from the Securities and Exchange Board of India (Sebi) in the Hindenburg case, Adani Group chairman Gautam Adani said that a cloud that had hung over the company for more than two years has been lifted. “Sebi’s comprehensive investigation has concluded by rejecting all allegations contained in the Hindenburg report from January 2023. It was your unwavering faith, your strength, and your belief in the company that sustained us throughout this period. This outcome belongs not only to the Adani Group but also individually to each of you who stood by us, and for that support, I am deeply thankful,” Adani said in a video message to stakeholders.

Adani’s comments came after Sebi gave a clean chit to the conglomerate, dismissing some of the claims made in an adverse report by the US-based short seller Hindenburg. The regulator said no evidence of related-party transactions to route funds into the Adani group companies was found, which could meet the definition of a related party.

Amid the development, the Adani group stocks saw a consistent rally, recording gains for the past two sessions and crossing the combined market cap of Rs 15 lakh crore, thanks to a surge in the stocks of Adani Power, Adani Total Gas, Adani Green Energy, and Adani Energy Solutions.

The capital market regulator, on September 18, 2025, junked the allegations of regulatory violations by Adani Group in their dealings with Adicorp Enterprises, Milestone Tradelinks and Rehvar Infrastructure, ruling that the transactions under scrutiny did not violate securities laws in force at the time.

In separate final orders, also issued last week, Sebi’s whole-time member Kamlesh C. Varshney dismissed the allegations of related-party transaction violations and fraudulent practices involving Adani Ports and Special Economic Zone Ltd (APSEZ), Adani Power Ltd, Adani Enterprises Ltd, and little-known entities Adicorp Enterprises, Milestone Tradelinks, and Rehvar Infrastructure.

The market regulator initiated a probe after US short seller Hindenburg Research’s January 2023 report accused the conglomerate of using obscure intermediaries to route funds within the group, bypassing disclosure requirements. Sebi’s probe covered the period from financial year 2012-13 to 2020-21 in the Adicorp case and from FY19 to FY23 in the Milestone–Rehvar matter.