India’s top court ordered the country’s market regulator on Wednesday to conclude its investigation into the Adani Group within three months and said that no further probes are needed, a company spokesman told CNN.
The ruling, which comes almost one year after the US short-seller Hindenburg Research accused the Indian conglomerate of “brazen stock manipulation and accounting fraud scheme,” comes as a massive relief for Gautam Adani, one of Asia’s richest businessmen.
The billionaire tycoon reacted to the decision by writing “truth has prevailed,” on X, formerly Twitter. “I am grateful to those who stood by us,” he wrote, adding that his “humble contribution to India’s growth story will continue.”
This is a developing story and will be updated.
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