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Claim review. Market conduct

Unresolved

The available records do not permit a responsible conclusion.

The January 2023 Hindenburg report said the Adani Group had engaged in a brazen stock manipulation and accounting fraud scheme over decades.

a brazen stock manipulation and accounting fraud scheme over the course of decades
About
Adani Group
Claim made by
Hindenburg Research, short-seller report
Published
24 January 2023
Original
Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History
Evidence score
46 How it was scored
Last reviewed
25 October 2026

Why this label

No regulator or court record read finds a stock manipulation or accounting fraud schemeS1. The SEBI orders of September 2025 resolved one strand, about funds routed through three companies, in the group's favourS2S3. Those orders do not address every allegation in the report. The status of other SEBI inquiries was not established in the sources read. The US cases concerned bribery and disclosure in a 2021 bond offering, not the stock manipulation theoryS4. They ended in 2026 without a merits rulingS7S8. The broad claim is neither established nor refuted by the records reviewed.

Current procedural position

SEBI final orders of 18 September 2025 disposed of the routing allegationS2. Status of other SEBI inquiries not verified in sources read as of October 2026.

Record supporting the assessment

has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.
S1 Tier D Hindenburg Research, Adani Group: How The World's 3rd Richest Man Is Pulling The Largest Con In Corporate History, 24 January 2023

Conflicting or limiting record

the allegations made against Noticees in the SCN are not established.
S2 Tier A Adani Enterprises Limited (filing of SEBI final order), Intimation of SEBI final order in the matter of Hindenburg Allegations against Adani Group, 19 September 2025

Evidence score: 46 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.

ComponentPointsMaxReason
Source authorityIs the source competent to establish the proposition?1430Only the report and a partial SEBI ruling bear on the claim.
DirectnessDoes the source state the proposition or only discuss adjacent facts?820No record addresses the broad scheme claim as a whole.
CorroborationDo independent records support the same material point?415No independent finding supports or refutes the whole claim.
Procedural accuracyDoes the record settle the procedural state the claim describes?515Other inquiries' status is unknown.
CurrencyHas the record been checked against later developments?710Checked to August 2026 US developments. Other SEBI inquiries and the January 2024 Supreme Court judgment were not read.
ReproducibilityCan a reader locate the passage and repeat the assessment?810Sources are public.
Total46100

Timeline

  1. Hindenburg reportS1
  2. SEBI final orders on the routing allegationS2S3

Related cases

Revision history

  • Assessment first published with label Unresolved.

Have a record that changes this assessment? See corrections and responses.

Sources

  1. 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
  2. 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
  3. 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
  4. 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.
  5. 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
  6. 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