The Adani Group is charting a bold new direction, focusing on accelerating innovation, enhancing transparency, and building for enduring impact, according to billionaire Gautam Adani. This strategic pivot follows a comprehensive clean chit from the Securities and Exchange Board of India (SEBI) regarding the Hindenburg allegations.
“A cloud that had hung over us for more than two years has finally lifted,” Mr. Adani shared in an internal message to his staff. He noted that SEBI’s thorough investigation rejected all claims from the January 2023 Hindenburg report. That report had accused the conglomerate of accounting irregularities, stock price manipulation, and using opaque offshore entities, leading to a significant market capitalization drop for Adani’s listed companies.
The Adani Group consistently denied these allegations, and Hindenburg Research has since ceased its operations.
SEBI’s recent rulings dismissed several of Hindenburg’s claims. In two distinct orders, the regulator found no evidence that the Adani conglomerate used related-party transactions to funnel funds into its listed entities. Furthermore, the transactions highlighted by Hindenburg did not meet SEBI’s definition of related parties.
Adani group chairman Gautam Adani characterized the accusations as a “targeted, multidimensional assault,” emphasizing it was “never just a market event.” He praised his employees for maintaining strong operational momentum despite intense global scrutiny.
The group’s dedicated workforce continued to advance major infrastructure projects throughout the challenging period. Ports expanded, transmission lines stretched farther, power plants operated reliably, renewable energy initiatives progressed, airports improved, cement furnaces kept running, and logistics teams performed flawlessly.
Mr. Adani remarked, “You proved that execution under pressure is the truest test of character, and that the Adani character is simply unbreakable.” He declared that the company emerged stronger, outlining future priorities centered on transparency, innovation, long-term value creation, and transformation.
“Integrity and transparency must remain the foundation of everything we do—inseparable, uncompromising, and safeguarded relentlessly,” he asserted.
Key priorities include boosting innovation in energy, logistics, and infrastructure, aiming to create a legacy that lasts for decades beyond fleeting headlines, and actively embracing transformation to shape the future rather than simply reacting to it.
Mr. Adani stressed the need for the Adani Group to accelerate its innovative efforts, pushing the boundaries of possibility in energy, logistics, and other infrastructure sectors. “We must build not for today’s applause but for a legacy that এইdurures for decades. Headlines fade, but what we create must leave its mark on history.” He urged employees to embrace transformation, acknowledging that “the future will march forward with or without us. Either we shape the future into what we dream or be shaped by the future into what we fear.” He also shared a personal note of gratitude for his staff’s support during the turmoil.
“I know the quiet anxieties your families felt, the doubts even you may have felt at times, and yet, day after day, you showed up—you fought for my beliefs,” Mr. Adani said.
He reiterated the group’s operational resilience, highlighting that amidst global debate, their operations – from ports and power plants to airports and logistics – continued to expand and deliver. Mr. Adani likened the controversy to an ‘agnipariksha’ (trial by fire), suggesting that every crisis strengthens foundations and resolve. He cautioned employees about future challenges but encouraged them to draw strength from their demonstrated performance under pressure.
Over the past decade, the Adani Group aggressively diversified, moving from ports and logistics into energy, data centers, airports, cement, and green hydrogen, which briefly made its founder the world’s second-richest person. This trajectory shifted when US short seller Hindenburg Research published its critical report.
The ensuing crisis shook global investors, led to inquiries from the Supreme Court, and prompted multiple SEBI investigations. Although Hindenburg later ceased operations in January 2025 under what Mr. Adani termed “mysterious circumstances,” the allegations’ shadow persisted until SEBI’s recent findings.
Despite experiencing credit downgrades and investor skepticism in early 2023, the group has since recovered significant market value. This resurgence was supported by strategic equity investments from international firms, including GQG Partners and the Abu Dhabi-based International Holding Company, alongside efforts to reduce debt and resume expansion in its core infrastructure businesses.
Following the report’s publication, SEBI conducted multiple probes, examining aspects like related-party transactions and offshore fund structures. From the outset, the group steadfastly denied any wrongdoing, labeling the Hindenburg report a “malicious combination of selective misinformation and stale, baseless allegations.”
As of Monday (September 22, 2025), shares of Adani Enterprises Ltd have climbed over 80% year-to-date, outperforming the Nifty 50 Index.
It is important to note that SEBI’s orders do not address other allegations raised by Hindenburg, and the Adani Group still faces a regulatory review stemming from an indictment by the U.S. Department of Justice concerning an alleged $265 million bribery scheme.
“We must build not for today’s applause but for a legacy that endures for decades,” Mr. Adani concluded in his message to staff. “Let history remember the past three years as the spark that built a greater Adani.”
His message, which included Hindi couplets, encouraged staff to view the recent challenges as the catalyst for a stronger Adani.
In his concluding remarks, Mr. Adani urged employees to let the group’s narrative embody “courage, conviction, and a promise we all kept to our motherland, Bharat.” He signed off with ‘Satyameva Jayate, Jai Hind’.
The SEBI clean chit is anticipated to significantly bolster investor confidence in the Adani Group, which encompasses sectors like ports, power, renewables, cement, airports, and logistics.
Analysts suggest that the closure of this case by the regulator removes a major uncertainty, potentially helping the group access more affordable global financing, even as some international stakeholders continue their scrutiny.