SEBI Clears Adani Group of Market Manipulation Charges
Adani Group has received a significant boost as India's market regulator, SEBI, dismissed market manipulation charges leveled against the conglomerate by Hindenburg Research. Gautam Adani, the chairman, hailed the decision, stating that 'truth has prevailed' and declaring it a clear affirmation of the company's governance standards.
The regulator found no violation by the Adani Group, whose diverse business interests span ports, coal, renewable power, media, and airports. Over the past two years, the group's portfolio EBITDA rose impressively by 57% to ₹89,806 crore ($10.8 billion), and gross block assets increased by 48% to ₹6.1 lakh crore. Adani highlighted several infrastructure achievements during this period, including the launch of India's first container transshipment port and the addition of 6 GW of renewable energy capacity.
The decision by SEBI closes a chapter that began more than two years ago when a short-seller report by Hindenburg Research erased $150 billion in market value and placed the conglomerate under intense scrutiny. Adani noted that the group's resilience was tested on 'every dimension' during this crisis. While the group's stock market value has yet to return to pre-Hindenburg levels, Adani stated that its operations have strengthened. Looking ahead, Adani declared that the group's next priorities will be enhancing governance, driving innovation, and expanding its infrastructure investments.
SEBI's decision to dismiss charges against Adani Group is a significant victory for the conglomerate. Despite the challenges faced, the group has shown remarkable resilience and growth. As it looks to the future, Adani Group is committed to strengthening its governance, fostering innovation, and expanding its infrastructure investments.
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