Indian regulators dismiss stock manipulation allegations on Adani Group
Summary
The Securities and Exchange Board of India (SEBI) cleared the Adani Group from allegations of stock manipulation made by Hindenburg Research. After investigating, SEBI found no violations, and Adani Group's chairman, Gautam Adani, stated the claims were baseless.Key Facts
- SEBI dismissed stock manipulation charges against the Adani Group.
- Hindenburg Research, a US-based firm, originally made the allegations.
- SEBI's investigation found no wrongdoing by Adani companies like Adani Ports, Adani Power, and Adani Enterprises.
- The Adani Group's market value fell by $85 billion after the Hindenburg report.
- Gautam Adani claimed the allegations were unfounded and called for an apology.
- Adani also faces separate bribery allegations in the United States, which he denies.
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