The Securities and Exchange Board of India (SEBI) has dismissed allegations made by Hindenburg Research against the Adani Group. The regulator found no evidence that transactions routed through Adicorp Enterprises, Milestone Tradelinks, or Rehvar Infrastructure violated disclosure norms or

In January 2023, the U.S.-based financial firm Hindenburg Research dropped a bombshell report accusing Indian business conglomerate Adani Group of stock manipulation, accounting fraud, and use of offshore shell companies. The aftermath was immediate—billions wiped off in market value, a cancelled ₹20,000 crore public offer, and a media frenzy that framed it as India’s