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**Summary:**

The Securities and Exchange Board of India (SEBI) has dismissed allegations of stock manipulation against Gautam Adani and his Adani Group following an investigation prompted by a report from Hindenburg Research. However, Adani still faces separate bribery allegations in US courts. The Hindenburg report significantly impacted Adani’s market capitalization.

**News Article:**

**SEBI Clears Adani of Stock Manipulation, Bribery Allegations Still Loom in US**

**NEW DELHI** – India’s Securities and Exchange Board of India (SEBI) has dismissed allegations of stock manipulation leveled against Gautam Adani and his Adani Group, concluding its investigation launched after a damning report by U.S. short seller Hindenburg Research. The investigation, initiated in 2023, scrutinized Adani Group companies, including Adani Ports, Adani Power, and Adani Enterprises, for alleged use of tax havens and undisclosed related-party transactions.

SEBI announced its findings on Thursday, stating no violations were found. “SEBI has reaffirmed what we have always maintained, that the Hindenburg claims were baseless,” said Gautam Adani in a statement. “Transparency and integrity have always defined the Adani Group.”

The Hindenburg report, which accused the Adani Group of fraudulent activities, caused a significant drop in the company’s market capitalization, shrinking it by $85 billion to its current value of $150 billion.

While Adani has celebrated the SEBI ruling, he is not entirely out of legal jeopardy. He continues to face bribery charges in the United States. In November 2024, Adani, along with two executives, was accused of paying over $250 million in bribes to Indian officials to secure lucrative solar energy contracts. These alleged payments, spanning from 2020 to 2024, were projected to yield $2 billion in profits. Adani has denied these accusations. The legal proceedings in the US are ongoing.

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