Adani Group Chairman Gautam Adani on Wednesday said that the Hindenburg Research report of early 2023 was not just an attack on his conglomerate but a challenge to India Inc.’s global ambitions.

In a letter addressed to shareholders, Adani hailed the recent SEBI order clearing the group of two major allegations — stock manipulation and non-disclosure of related-party transactions — as a major vindication.

“The report was not merely a critique of your Adani Group. It was a direct challenge to the audacity of Indian enterprises to dream on a global scale,” Adani wrote.

“What was meant to weaken us has instead strengthened the very core of our foundations.”

SEBI’s Findings

On September 18, the Securities and Exchange Board of India (SEBI) cleared Adani Group and its founder of key allega

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