After navigating a period of intense crisis, billionaire Gautam Adani has finally broken his silence. His remarks came just after the country's market regulator, SEBI, cleared his conglomerate of serious allegations, bringing an end to a saga that shook the financial world.
The storm began in January 2023, when a report from the U.S. short-seller Hindenburg Research accused the Adani Group of large-scale stock manipulation and corporate misconduct.The impact was swift and devastating. The group's market value nosedived, at one point losing over $100 billion, which sent shockwaves among investors and rattled the broader market
In response to the ensuing outcry, the Supreme Court of India ordered a comprehensive investigation. After a detailed probe, SEBI has concluded that the accusations were without merit. The regulator found no proof of rule violations concerning undisclosed fund movements or fraudulent activities.[
With this clean chit, Gautam Adani issued his first public statement on the matter. While it was a moment of vindication, his message focused on empathy. "We deeply feel the pain of the investors who lost money because of this fraudulent and motivated report," Adani stated He reinforced that transparency and integrity have always been the cornerstones of his group's operations.
Adani also suggested that those responsible for spreading what he termed "false narratives" should offer an apology to the nation for the disruption caused His statement aimed to close a challenging chapter, acknowledging the real financial pain experienced by investors while firmly defending his company's reputation.
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