Adani Group Accused of “Brazen Stock Manipulation and Accounting Fraud” by Investment Research Firm

On Tuesday late evening, Hindenburg Research published an investigation on Adani’s conglomerate, accusing it of “brazen stock manipulation and accounting fraud scheme over the course of decades.” The US-based investment research firm, known for its activist short-selling, revealed that it had taken a short position in Adani Group companies, meaning it would benefit from a drop in their value.[0] The report caused a huge stir in the market and triggered a sell-off of Adani’s stocks, wiping out more than $50 billion from the group’s market value in just a few days.

The Adani Group dismissed the allegations as malicious, unsubstantiated, one-sided, and having done with malafide intention to ruin its share-sale. The conglomerate said it was evaluating the relevant provisions under US and Indian laws for remedial and punitive action against Hindenburg Research.

The almost 100-page report published by Hindenburg Research revealed that Adani Group had “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.” It alleged that Adani Group had “pulled the largest con in corporate history” and that substantial debt puts the group on “precarious financial footing.”[1] The report also said that the Adani Group had used a web of offshore shell entities in tax havens to facilitate corruption, money laundering and taxpayer theft, while siphoning off money from the group’s listed companies.[2]

Gautam Adani, the billionaire founder and chairman of Adani Group, has a net worth of roughly $118 billion as of April 2022, making him one of the richest people in the world.[3] Gautam Adani’s wealth has grown significantly over the past three years, largely due to the success of his Adani Group. This has enabled him to become the third-richest person in the world, following Elon Musk and Jeff Bezos, as the stock prices of his listed companies have surged.[4]

Adani’s businesses have been given responsibility for a great deal of India’s infrastructure.[5] The government has chosen them as its primary partners in several sectors which the formulators of India’s industrial policy have identified as essential for the nation’s growth.[5]

In response to the accusations, Adani Group said it was considering legal action against Hindenburg.

0. “Gautam Adani’s business loses $50 billion in market value after short seller report” CNN, 27 Jan. 2023,

1. “Explainer: What Fight Between Adani, Short Seller Hindenburg Is All About” Bloomberg, 27 Jan. 2023,

2. “Bill Ackman Calls Hindenburg’s Adani Report ‘Highly Credible’” Yahoo! Voices, 27 Jan. 2023,

3. “Adani shares fall as short seller firm Hindenburg announces short position” CNBC, 25 Jan. 2023,

4. “Gautam Adani Accused of ‘Largest Con in Corporate History’” TIME, 25 Jan. 2023,

5. “What really worries Indians about Adani’s empire” Deccan Herald, 27 Jan. 2023,