The story, however, is far from over. While SEBI has cleared the group of two charges, 22 other allegations remain under investigation. These pending cases leave a cloud of uncertainty over the conglomerate, which has grown into one of India's most significant corporate players across sectors such as infrastructure, energy, logistics, and natural resources. Investors, regulators, and critics alike remain attentive to how these investigations will unfold, given the stakes involved not just for Adani but for India's financial markets as a whole. Hindenburg Research's initial report in January 2023 had set off a storm in global financial circles. The U.S.-based short seller accused Adani Group of using offshore tax havens, inflating stock prices through undisclosed related-party transactions, and concealing debt levels. The allegations triggered an immediate and severe impact on Adani's market capitalization, with the group losing approximately $150 billion in value within weeks.