January 24, 2023: US-based hedge fund and short seller Hindenburg Research releases a report alleging malpractices in the Adani group, including stock price manipulation and corporate governance lapses. Over $100 billion of investor wealth are wiped out
February 1, 2023: The group withdraws Adani Enterprises’ Rs 20,000-crore FPO, that was fully subscribed but received very little retail investor interest. On the same day Credit Suisse said in a note that US investors were not accepting bonds issued by Adani group companies as collateral for margin loans to their private banking clients.
March 1, 2023: A please is filed in SC to form a committee that would investigate the allegations made by Hindenburg Research
March 2, 2023: The SC directs a three-member committee headed by former judge AM Sapre and two others KV Kamath and Nandan Nilekani to undertake the probe. The court also asks Sebi, which had launched an investigation, to complete the probe within two months
May 8, 2023: The SC-mandated committee submits its report, which said it found no evidence of price manipulation in Adani group companies.
May 17, 2023: The SC grants Sebi time till August 14 to complete its investigations.
August 14, 2023:Sebi seeks 15 more days to file the report
August 25, 2023: Sebi tells the court it has completed 24 investigations of which 22 were final and 2 wee interim. It was also awaiting details on foreign portfolio investors which had invested in Adani group stocks.
December 5, 2023: US government’s Development Finance Corporation says that the allegations made by Hindenburg Research were not applicable to Adani Ports
June 2024: By this time, Adani group stocks recoup all the losses suffered in the rout in 2023.
July 2, 2024: Hindenburg Research says it has received a notice from Sebi accusing it of violating Indian laws
August 10, 2024: Hindenburg Research makes allegations against Sebi chairperson Madhabi Puri Buch saying that she had stake in offshore entities that were used in Adani money siphoning scandal
November 21, 2024: US authorities indict Gautam Adani and several others in a $265 million bribery case involving solar energy contracts in India