‘No conclusions of wrongdoing’: Adani Group reacts to Sebi requesting SC for 6-month probe extension

Following the SEBI’s request to the Supreme Court for a 6-month extension to complete its investigation into the Hidenburg allegations levelled against the Adani Group, the Gautam Adani-led conglomerate responded that it is fully cooperating in the investigation and that the application by the Indian market regulator carries no conclusions of wrongdoing.

Hindenburg Research, a US-based short-seller, has on February 25 accused Adani Group of financial violations in its research. As a result, the Adani Group’s market value fell by more than USD 140 billion.

On March 2, the Supreme Court directed the Securities and Exchange Board of India to conduct an investigation into the incident within two months and to form a six-member expert team to look into the protection of Indian investors. However, Sebi filed a request for a deadline extension on Saturday, citing complex transactions involving the conglomerate’s listed, unlisted, and offshore entities that necessitate deeper investigation.