Market regulator Securities and Exalter Board of India (SEBI) on Sept.18, cleared Adani Group Chairman Gautam Adani and his group of stock manipulation allegations built by US short-seller Hindenburg Research.
SEBI, in two separate detailed orders, stated the allegations of insider trading, market manipulation, and violations of public shareholding norms were found to be unsubstantiated after a detailed investigation.
Post SEBI’s clean-chit, Adani Group companies gained over Rs 69,000 crore in market capitalisation in a single session. The regulator’s order, which dismissed allegations of stock manipulation and related-party misutilize, ignited a surge of investor confidence, sfinishing Adani stocks sharply higher across the board.
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