Adani-Hindenburg Clash Reignites with New Allegations Against SEBI Chief

The legal war between Adani Group and Hindenburg Research continues and new charges have emerged against SEBI Chairperson Madhabi Puri Buch. According to the latest report by Hindenburg, Buch, along with her husband Dhaval Buch, allegedly invested in an offshore fund linked to the Adani Group. This revelation has once again sought to challenge investors’ trust and brought public attention back into the equation.

The saga unfolds

The Adani Group’s fight with Hindenburg Research started back in January 2023 when the US-based short-seller released the report accusing Gautam Adani of multiple frauds and stock manipulation. The initial report harmed Adani Group’s market value significantly. Though the business giant has clawed back some of the money lost over the past year through acquisitions, it is back again in the firing line through these latest allegations.

Impact on Adani stocks

Shares of Adani companies saw yet another big selloff as word spread of the fresh allegations. The value of Adani Group's stock took a significant fall even though the market managed to regain some of its losses at the close of business. The stability of the conglomerate's stock values going forward is called into question by the increased scrutiny.

Market reactions and political ramifications

As of August 13, Gautam Adani's net worth dropped significantly, more than $700 million, because of these new accusations. This amount is fluctuating, positioning the businessman at number 19 on the Forbes list, a significant drop from number 17 in just a few hours. 
The latest report has also set off a political controversy regarding SEBI’s credibility, with the opposition leaders challenging Madhabi Puri Buch as the chairperson of SEBI. The Supreme Court is keeping a close eye on the situation and SEBI's investigation is still ongoing.  
The story is far from over, as more accusations keep coming to light. Stakeholders anxiously await answers and conclusions while investigations proceed and markets respond.