Rama Krishna Sangem
Gautam Adani, India’s one of the top richest businessman and often butt of controversies, has finally opened his mouth against the charges of now closed Hindenburg Research, American short seller. He attacked the US firm after close to three years and getting clean chit from SEBI this week.
Adani Group Chairman Gautam Adani has described the 2023 Hindenburg Research report as not just a challenge to his conglomerate but an attack on the larger ambitions of Indian businesses.
In a letter to shareholders, issued days after the market regulator SEBI dismissed key allegations against the group, Adani said the report questioned more than just the governance of one company. “It was a direct challenge to the audacity of Indian enterprises to dream on a global scale,” he wrote, adding that the episode had tested but ultimately strengthened the group’s foundations.
The Hindenburg report, released in January 2023, accused the Adani Group of stock manipulation and weak disclosure practices. Its release triggered a massive sell-off, erasing over US$150 billion in market value at the time. Adani has consistently denied the charges, calling them part of a calculated campaign to undermine confidence in Indian companies.
SEBI clean chit boost
SEBI recently cleared the group of allegations relating to stock manipulation and undisclosed related-party transactions. Adani welcomed the decision, saying it validated the group’s conduct and governance practices. He also pledged to maintain focus on transparency, sustainable investments, and value creation for stakeholders.
In internal messages to employees, Adani described the Hindenburg claims as a “targeted, multidimensional assault” but credited staff for keeping operations steady during the crisis. “The cloud that hung over us for more than two years has been lifted,” he said.
While several charges have been dismissed, SEBI is still reviewing more than a dozen other issues flagged in the Hindenburg report, including concerns over shareholder structures. For now, Adani is framing the episode as a turning point. “What was meant to weaken us has only reinforced our belief in our mission and in the ability of Indian enterprise to lead globally,” he told shareholders.
In a way, Adani has put behind the entire trauma and stigma he faced in the last 30 months and now wants to move on with his businesses.