Adani Group Chairman Gautam Adani has called on employees to accelerate innovation and bold advancements across energy, logistics, and infrastructure sectors, following the Securities and Exchange Board of India’s (SEBI) rejection of allegations raised by US short-seller Hindenburg Research.
In a letter to the Group’s staff, Adani emphasised building a legacy that ‘endures for decades’ rather than seeking short-term acclaim.
“Today, a cloud that had hung over us for more than two years has been lifted. SEBI’s comprehensive investigation has concluded by rejecting all allegations contained in the Hindenburg report from January 2023,” he wrote.
SEBI considered the matter holistically and did not establish the allegations against the Adani Group.
The Group has repeatedly denied the claims, highlighting Hindenburg’s controversial short-selling practices, which eventually led to its closure in January 2025.
Focus on Transparency, Innovation and Long-Term Value
Adani described the allegations as a ‘targeted, multidimensional assault’ and lauded employees for sustaining operational momentum amid global scrutiny.
Major infrastructure projects, including ports, power plants, airports, and renewable energy initiatives, continued despite reputational pressures.
He stressed that the Group’s priorities now include reinforcing integrity, transparency, and innovation, while pursuing long-term value creation.
“Either we shape the future into what we dream or be shaped by the future into what we fear,” he wrote, urging staff to embrace transformation proactively.
The crisis had unsettled investors, prompted Supreme Court queries, and led to multiple SEBI investigations.
Strategic equity investments from global firms and the Group’s debt reduction have since restored market confidence.
Shares of Adani Enterprises Ltd have surged more than 80 per cent, outperforming the Nifty 50 Index.
Adani thanked his workforce for their dedication through the ordeal, calling the period an ‘agnipariksha’ that strengthened the Group’s foundations.
He concluded with a message of pride and resilience, “Let our resolve echo through every barrier we dared to break, every tomorrow we dared to build and may the name Adani forever stand for courage, conviction, and a promise we all kept to our motherland, Bharat.”
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