Partly supported
A material part is supported, but the published wording goes beyond the record.
The Adani Group chairman said in September 2025 that SEBI had reaffirmed the Hindenburg claims were baseless.
the Hindenburg claims were baseless
- About
- Adani Group
- Claim made by
- Scroll, press report
- Published
- 18 September 2025
- Evidence score
- 73 How it was scored
- Last reviewed
- 25 October 2026
Why this label
SEBI's final orders found the routing allegations not established and disposed of the proceedingsS2. That supports the statement for the matters SEBI decided. The orders address one strand of the reportS2S3. They say nothing about the wider stock manipulation claimsS1. Calling all of the Hindenburg claims baseless goes beyond what the two orders decided. The US cases filed in November 2024 concerned separate allegationsS4. They ended in 2026 through SEC consent judgments without admission and a dismissal of criminal counts on the DOJ's motion, with no ruling on the meritsS7S8.
Current procedural position
SEBI final orders of 18 September 2025 on the routing allegationS2. US criminal counts against the two executives dismissed with prejudice on 10 August 2026, per PTIS8.
Record supporting the assessment
the allegations made against Noticees in the SCN are not established.
Conflicting or limiting record
routed funds through three entities to hide related-party transactions
Evidence score: 73 of 100
The score grades how well the record establishes this assessment. It is not a score of Adani Group. Score = source authority + directness + corroboration + procedural accuracy + currency + reproducibility.
| Component | Points | Max | Reason |
|---|---|---|---|
| Source authorityIs the source competent to establish the proposition? | 24 | 30 | SEBI is competent, but only on the matters it decided. |
| DirectnessDoes the source state the proposition or only discuss adjacent facts? | 12 | 20 | The order covers a narrower set of claims than the statement. |
| CorroborationDo independent records support the same material point? | 9 | 15 | Press and the company filing agree on scope. |
| Procedural accuracyDoes the record settle the procedural state the claim describes? | 11 | 15 | Final orders on one strand only. |
| CurrencyHas the record been checked against later developments? | 8 | 10 | Checked to August 2026 developments. |
| ReproducibilityCan a reader locate the passage and repeat the assessment? | 9 | 10 | Sources are public. |
| Total | 73 | 100 |
Timeline
Related cases
- In the matter of Hindenburg allegations against Adani Group. Noticees include Adani Ports and Special Economic Zone, Adani Power, Adani Enterprises, Milestone Tradelinks and Rehvar InfrastructureSecurities and Exchange Board of India. Regulatory. WTM/KV/CFID/CFID-SEC1/31672/2025-26 (a companion order on Adicorp Enterprises is WTM/KV/CFID/CFID-TPD/31671/2025-26).Stage: Final order issued
Responses
- Adani Group chairman, 18 September 2025: He said those who spread false narratives owe the nation an apology.S3
Revision history
- Assessment first published with label Partly supported.
Have a record that changes this assessment? See corrections and responses.
Sources
- S2Tier A Intimation of SEBI final order in the matter of Hindenburg Allegations against Adani GroupAdani Enterprises Limited (filing of SEBI final order). Regulator order. 19 September 2025.SEBI order of 18 September 2025 as filed by the company, signed by Whole Time Member Kamlesh Chandra Varshney. Covers the Milestone and Rehvar routing allegation only.Link working, checked 25 October 2026
- S3Tier C SEBI clears Adani Group in allegation linked to Hindenburg reportScroll. Press report. 18 September 2025.Staff report on two SEBI orders and the chairman's reaction, corroborated by the filed SEBI order. Does not report on other inquiries.Link working, checked 25 October 2026
- S1Tier D Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate HistoryHindenburg Research. Short-seller report. 24 January 2023.Origin of the manipulation and related party claims. A short seller's analysis, not a finding.Link working, checked 25 October 2026
- S4Tier A SEC Charges Three Senior Executives in Two Actions Alleging Massive Bribery Scheme Involving Indian Energy Companies Adani Green and Azure PowerU.S. Securities and Exchange Commission. Regulator press release. 20 November 2024.States the SEC allegations and the court. These are allegations, not findings.
- S7Tier A [PROPOSED] Final Judgment as to Gautam Adani, SEC v. Adani, 24-cv-08080U.S. District Court for the Eastern District of New York (copy hosted by Miller and Chevalier). Court judgment. 14 May 2026.Proposed consent judgment filed 14 May 2026 with a US$6 million penalty, without admitting or denying. It does not show the judgment was entered.Link working, checked 25 October 2026
- S8Tier C US court permanently dismisses criminal case against Gautam AdaniThePrint (PTI). Press report. 11 August 2026.Press Trust of India report, no named reporter, on the 10 August 2026 order dismissing three counts with prejudice. The DOJ motion is corroborated by the company filing.Link working, checked 25 October 2026
Other claims about Adani Group
- Unresolved46The January 2023 Hindenburg report said the Adani Group had engaged in a brazen stock manipulation and accounting fraud scheme over decades.Short-seller report, 24 January 20232 records citedMarket conduct
- Contradicted77The Hindenburg report said it identified numerous undisclosed related party transactions by listed and private Adani companies.Short-seller report, 24 January 20233 records citedDisclosure
- Unresolved70The SEC alleged in November 2024 that Gautam Adani and Sagar Adani were involved in paying or promising bribes to Indian officials and that Adani Green's 2021 offering documents misled investors.Regulator statement, 20 November 20243 records citedBribery