India's stock market regulator, the Securities and Exchange Board of India (Sebi), has dismissed allegations of stock manipulation and financial fraud against billionaire Gautam Adani and his companies. The accusations were initially made by US short-seller Hindenburg Research in January 2023.

• The inquiry by Sebi found no violation of regulatory norms, reaffirming Adani's stance that Hindenburg's claims were baseless.
• Hindenburg Research's report caused the Adani Group to lose more than $100 billion in market value shortly after its publication.
• Sebi stated that there were no allegations of money being siphoned off, funds being diverted, or investors losing money, and that any loans taken by Adani companies were repaid before the investigation began.