Till January 24, the Adani Group was zooming ahead towards expansion, major deals and bagging infrastructure projects, after its meteoric rise in five years. But then the Hindenburg Research report struck with serious allegations of the biggest corporate fraud ever pulled off by the company, and the conglomerate's value plummeted by $140 billion within months.
After a stock market rout, the Supreme Court appointed a panel of experts to probe Hindenburg's claims, and it has now said that there was evidence of regulatory failure around allegations of price manipulation.
Former AG voices support for Adani
Senior advocate and former attorney general Mukul Rohatgi, who has been vocal on the entire fiasco, has also expressed relief that Adani has emerged unscathed.
Speaking to the media, Rohatgi said that the SC panel hadn't found any evidence of price manipulation against the Adani Group.
What the report says
Although the Securities and Exchange Board of India has sought additional time to complete its own investigation, the panel said that SEBI data so far shows no evident pattern of stock manipulation.
It also asked the regulator to complete its probe in the matter soon, and pointed out that Adani deployed measures to safeguard investors from volatility caused by the Hindenburg report.
Rohatgi also hit out at Hindenburg Research, calling its report motivated, and added that it is their job to create a crisis and short stocks.
He also went on to say that the prices of Adani stocks are stable according to the report, which indicates investor confidence in the firm.
