Adani Enterprises, Adani Power & other group stocks in focus as it gets Sebi's clean chit in Hindenburg case

Adani Enterprises, Adani Power & other group stocks in focus as it gets Sebi's clean chit in Hindenburg case 1) Shares of Adani Group companies including Adani Enterprises, Adani Power, Adani Green Energy and other group entities are likely to remain in focus on September 19 after regulatory Securities and Exchange Board of India (SEBI) gave the conglomerate and its founder, Gautam Adani, a clean chit in the stock manipulation case triggered by US-based short seller Hindenburg Research -

- 2) In two detailed orders, SEBI said its investigation found no evidence that the group routed funds through related parties to inflate share prices of its listed entities. Allegations of insider trading, market manipulation, and violations of public shareholding norms were deemed unsubstantiated after months of inquiry. 3) Hindenburg Research, which has since shut down operations, released a report in January 2023 alleging that Adani Group used three firms: Adicorp Enterprises Pvt Ltd, Milestone Tradelinks Pvt Ltd, and Rehvar Infrastructure Pvt Ltd as conduits to channel funds into Adani Enterprises and Adani Power. The report had sparked a massive selloff, erasing more than $100 billion dollars in market value at its lowest point. 4) However, SEBI board member Kamlesh C Varshney clarified in the orders that transactions involving these three firms did not qualify as related-party dealings under the rules at that time, and hence did not breach disclosure requirements. 5) “After a thorough investigation, SEBI has concluded there is no basis to hold the Adani entities or their executives liable or to impose penalties,” the regulator said. 6) All this is for information. 7) This is not a buy/sell recommendation. thank you, technofunda24.