Business
Adani Group Cleared of Stock Manipulation Charges
A Supreme Court-appointed expert panel has found no evidence of artificial trading in Adani Group stocks in the run-up to a report by Hindenburg Research.
The panel, led by former Supreme Court judge AM Sapre, stated that it had examined trading data for Adani Group stocks from January 2010 to January 2023 and discovered no “coherent pattern of abusive trading.”
The panel also stated that it had found no evidence of “wash trades” – a type of artificial trading in which shares are bought and sold between two parties in order to artificially inflate a stock’s price.
The report comes after the Adani Group’s market value dropped by more than $100 billion following the publication of the Hindenburg report in January. The report alleged that the Adani Group inflated its profits and market value through the use of shell companies and other fraudulent means.
The Adani Group has denied all of Hindenburg Research’s allegations. The group has stated its commitment to corporate governance and transparency, as well as its willingness to cooperate with any investigation into its business practises.
“Adani Group loses over $100 billion in market value after Hindenburg report”
Supreme Court Panel Report
The report from the Supreme Court panel is a significant development in the ongoing Adani Group investigation. The report’s findings suggest there is no evidence to support Hindenburg Research’s claims of artificial trading and fraud.
The report is also detrimental to the short-seller, who has been accused of making false and deceptive statements about the Adani Group. Hindenburg Research has refuted these allegations and defended its report.
The Adani Group and its shareholders are likely to be pleased with the report of the Supreme Court panel. The findings of the report will aid in restoring faith in the group’s business practises and commitment to corporate governance.
Also likely to disappoint Hindenburg Research and its supporters is this report. The findings of the report indicate that the short seller’s accusations against the Adani Group were unfounded.
Ongoing investigation into the Adani Group. The report from the Supreme Court panel is an important development in the investigation, but it is not the last word. The investigation will likely continue for some time, and it is possible that new evidence will emerge that supports Hindenburg Research’s allegations.