Shares in listed Adani Group companies jumped this week after India’s top court dismissed a petition seeking to widen a probe into the Hindenburg allegations, saying that existing investigations by market regulators were sufficient.
“The honourable supreme court’s judgement shows that: Truth has prevailed,” Adani said on X, formerly known as Twitter, after the ruling.
“I am grateful to those who stood by us. Our humble contribution to India’s growth story will continue,” he added.
Hindenburg, a short-seller investment house, not only tracks corporate wrongdoing but also makes money by betting on stocks falling.
Adani has denied the allegations of fraud documented in its report, last year calling it a “deliberate attempt” to damage the image of his conglomerate for the benefit of short-sellers.
Before the report, Adani Group’s share prices had risen meteorically with its main listed unit shooting up more than 1,000 per cent the five years to January 2023, funding a breakneck expansion of the conglomerate.
Its reach now spans a number of key sectors including coal mining, renewable energy, ports and airports.
Adani is considered a close associate of Hindu-nationalist Prime Minister Narendra Modi, a fellow native of Gujarat state.
Opposition parties and other critics say their relationship helped Adani to unfairly win business and avoid proper oversight.
