In January last year, Hindenburg Research, which in the past has shorted, or bet against, companies like electric truck maker Nikola Corp and Twitter (now X), accused Adani Group of pulling “the largest con in corporate history” by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up.Though the conglomerate vehemently denied all allegations, the damning report sent the group’s shares into a free fall, wiping out over USD 150 billion in market value of the 10 listed entities at their lowest point.Most of the 10 listed companies have since recouped the losses.After the Hindenburg report, the Supreme Court asked SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses.The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than the one being done by SEBI was required.The SEBI had last year told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14 per cent and 20 per cent across five publicly traded stocks of the conglomerate.It hasn’t stated if the two incomplete probes have since been completed.
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