Exuding relief after over two years of regulatory scrutiny, Gautam Adani on Thursday said that Sebi ending proceedings against the group was a reaffirmation” of what the conglomerate had maintained from the beginning — the claims were “baseless”

Earlier today, the regulator ended its probe into allegations against the group sparked by US-based short-seller Hindenburg Research.

“Transparency and integrity have always defined the Adani Group,” Adani said in a post on X, adding that he deeply feels the pain of investors who lost money due to a fraudulent and motivated report. “Those who spread false narratives owe the nation an apology.”.

In January 2023, Hindenburg Research released a scathing report accusing the Adani Group of stock manipulation, accounting irregularities, and use of offshore entities to inflate valuations.

The report triggered a massive sell-off across Adani firms, wiping out more than $100 billion in market value at the peak of the rout.

The controversy also prompted questions in Parliament, multiple litigations, and a Supreme Court-monitored probe into the group’s dealings.Sebi, directed by the apex court, undertook a wide-ranging investigation into the allegations, spanning offshore fund flows, related-party transactions, and compliance with listing norms.Over the last year, the group raised billions of dollars from global investors such as GQG Partners, pared debt, and sought to rebuild investor confidence.

Thursday’s closure of Sebi’s inquiry effectively marks the end of one of the most contentious corporate governance sagas in India’s markets in recent memory. The clean chit could ease concerns of both domestic and foreign investors who had stayed on the sidelines.

However, it does not completely end scrutiny of the group. Some other cases linked to bribery and overseas investments are still under examination.

US prosecutors last year accused Adani of bribing Indian officials to convince them to buy electricity produced by Adani Green Energy, a subsidiary of his Adani Group.

Gautam Adani reiterated that the group remains committed to India’s institutions and to “nation building.”