Adani Group Chairman Gautam Adani, in a letter to shareholders on Wednesday, hailed India’s markets regulator for rejecting major claims from short-seller Hindenburg Research, calling it a clear affirmation of the company’s governance standards and declaring that “truth has prevailed.”
Adani noted that the regulator’s decision closes a chapter that began more than two years ago, when the short-seller report erased $150 billion in market value and placed the conglomerate under intense scrutiny. He said the outcome underscores how the group’s resilience was tested on “every dimension.”
Looking back at the January 2023 Hindenburg Research report, Adani described it as a moment that rattled India’s markets, saying the assault targeted not only his conglomerate but was also “a direct challenge to the audacity of Indian enterprises to dream on a global scale.” He pointed out that SEBI, just last week, dismissed the market manipulation charges that the now-defunct short-seller had leveled against the group.
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According to the regulator, Hindenburg’s claims of fraud tied to related-party dealings within the Adani Group were “not established.” The short-seller had alleged that money was wrongly moved across several Adani entities.
SEBI stated there was “no violation” by the Adani Group, whose business interests span ports, coal, renewable power, media, and airports.
“What was meant to weaken us has instead strengthened the very core of our foundations,” Adani wrote. “This moment is more than a regulatory clearance, it is a powerful validation of the transparency, governance and purpose with which your company has always operated.”
Adani noted that while the group’s market value has yet to return to pre-Hindenburg levels, its operations have strengthened. Over the past two years, portfolio EBITDA rose 57% to ₹89,806 crore ($10.8 billion), alongside a 48% increase in gross block assets to ₹6.1 lakh crore.
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He highlighted several infrastructure achievements over the past two years, including the launch of India’s first container transshipment port at Vizhinjam in Kerala; the addition of 6 GW of renewable energy capacity through the Khavda project, described as the world’s largest single-site renewable installation; the start of operations at the world’s biggest copper smelter and metallurgical complex; and the rollout of 4 GW of new thermal power capacity along with 7,000 circuit kilometers of transmission lines across India and abroad.
Adani stated that the group’s next priorities will be enhancing governance, driving innovation, and expanding its infrastructure investments. “We will double down on nation building,” he said, recognizing the stress experienced by investors, lenders, and partners during the crisis. Looking ahead, he promised to enhance governance, fast-track innovation and sustainability, and expand investments in the country’s infrastructure.
He wrapped up the letter by urging a recommitment to the company’s core principles: “resilience in adversity, integrity in action, and an unyielding commitment to building a brighter future for India and the world.” He closed with lines from poet Sohan Lal Dwivedi, comparing the group’s journey to a boat navigating turbulent waters: “The boat that fears the waves can never reach the shore, But those who keep on trying will win forevermore…,” calling for continued courage.