indian billionaire gautam adanis flagship firm returned to profit in the december quarter earnings reports showed tuesday as the tycoon insisted his businesses would bounce back from damaging corporate fraud allegations investors wiped out around 120 billion in value from adani group after us shortseller investment group hindenburg research last month accused it of using offshore tax havens to manipulate stock prices indian regulators confirmed monday that they were probing allegations raised in the report for potential instances of securities fraud and insider trading the conglomerate has been working to restore market confidence by pledging early repayment of 11 billion in loans and shares in its listed entities have since recovered from their rout flagship adani enterprises posted a net profit of 82 billion rupees 99 million for the three months to december up from a loss of 116 million rupees from a year before in a filing tuesday our success is due to our strong governance strict regulatory compliance sustained performance and solid cashflow generation adani 60 said in the earnings report the current market volatility is temporary he added saying the company was committed to keeping leverage moderate and looking for growth opportunities the companys founder was until last month asias richest man but the stock market rout delivered a dramatic hit to his personal fortune tumbling him down from third to 23rd on forbes realtime billionaires list hindenburgs report accused adani of a brazen stock manipulation and accounting fraud scheme in the largest con in corporate history adani artificially boosted the share prices of its units by funnelling money into the stocks through offshore tax havens the investment group said the conglomerate has rejected the claims as a maliciously mischievous reputational attack indias capital markets regulator said in a monday filing to the supreme court that it was probing the allegations made in the hindenburg report and market activity before and after its publication the securities and exchange board of india said it was in the early stages of investigation and did not go into details political opponents accuse prime minister narendra modi of abetting adanis rapid rise allowing the billionaire to unfairly win contracts and avoid proper regulatory oversight opposition lawmakers have demanded a probe into modis links with the tycoon and public financial institutions potential exposure to his firms