Adani Group Struggles to Recover After Hindenburg Report

The Adani Group, one of India’s largest conglomerates, is struggling to recover from a series of shocks that have drastically reduced its combined equity market value to less than $100 billion.[0] The group’s stocks have seen more than $132 billion of market value wiped out since the explosive Hindenburg Research report, but none is hit as bad as Adani Total Gas Ltd.[1]

The self-proclaimed Rockefeller of India, Gautam Adani, has seen his own net worth plunge to less than $50 billion, according to Bloomberg’s Billionaires Index.[2] His net worth has dropped sharply from the $150 billion it had reached last September, making him the second richest man in the world at the time. In Forbes’ Real-Time Billionaires List, Adani is ranked 25th with a net worth of $47.6 billion.[3]

Adani Group is now focused on financial health, debt repayment, cash conservation and pledged shares to reassure investors. TotalEnergies SE, a French energy giant, has suspended a multi-billion dollar plan with Adani Group to produce green hydrogen, dealing a setback to the gas unit.[4] Adani Total Gas is also facing combined maturing debt payments in the fourth quarter of its 2023 fiscal year and the 2024 fiscal year that amount to more than its cash balance, according to an exchange filing.[4]

Data compiled by Bloomberg indicates that the float, or the amount available to trade in the public market, of the stock is approximately 19%.[5] MSCI Inc. had reduced what it considers the firm’s freely tradable shares in its latest quarterly index review but has since delayed the implementation.[4]

Recently, Hindenburg Research had released an explosive investigation accusing Gautam Adani of pulling the “largest con in corporate history”.[0] The Adani Group issued a response of over 400 pages and denied the allegations of stock manipulation and fraud, calling them a falsehood.[0] The Rs 20,000 crore follow-on share sale of the conglomerate’s flagship firm Adani Enterprises opened just days after the report was released.[6]

Adani Group is now focused on cash conservation and debt repayment to repair the damage caused by Hindenburg’s report. The group is also taking steps to reduce leverage ratios and has hired legal and communication teams to address the concerns raised by the report.

0. “‘Hit job, China funding’: Inside the pro-Adani campaign to undo Hindenburg damage” Newslaundry, 20 Feb. 2023,

1. “Adani Stock Bearing the Brunt of Rout Has Lost 76% in Value” Yahoo! Voices, 20 Feb. 2023,

2. “Billionaire Adani’s Tanking Empire Dreams Less | Arena |” Henry Herald, 13 Feb. 2023,

3. “Adani Group’s Market Capitalisation Slips Below $100 Billion, a Fall of $135 B Since Hindenburg Report” The Wire, 20 Feb. 2023,

4. “Adani Total Gas hit hardest in $132-billion rout, but no respite on cards” Moneycontrol, 20 Feb. 2023,

5. “Adani Stock Bearing the Brunt of Rout Has Lost 76% in Value” Financial Post, 20 Feb. 2023,

6. “Adani-Hindenburg row: DLF chairman on how he dealt with ‘blackmailers’ 15 years ago” Business Today, 19 Feb. 2023,