Adani Group’s Market Value Plummets by $51 Billion After Allegations of Stock Manipulation and Accounting Fraud

Adani Group, the ports-to-energy conglomerate led by Indian billionaire Gautam Adani, has been accused by US-based short seller firm Hindenburg Research of engaging in “brazen” stock manipulation and accounting fraud. On Wednesday, Hindenburg Research published a lengthy report on Adani and his group, alleging massive fraud and stock manipulation. The report sent shares tied to seven of the Adani Group’s listed companies falling by more than 5%, taking a $10.8 billion hit, and forcing the company to issue a strong denial of its contents.

On January 25th, the stocks of the seven publicly traded companies within the Adani Group dropped by as much as 10% on Indian stock exchanges. Today (Jan. 25), the stocks experienced a decrease of 18%.[0] Data from BSE reveals that the company lost $24.5 billion in market capitalization due to the massive selloff.[0]

Hindenburg Research has declared that they have adopted a ‘short’ position in Adani’s US-traded bonds and Indian-listed derivatives, suggesting that they anticipate a decrease in the already over-leveraged stocks of the organization.[1]

Jatin Jalundhwala, lead head of the Adani Group, issued a statement expressing his concern over the volatility in the Indian stock markets caused by the Hindenburg Research report, released on the 24th of January 2023, which had a damaging effect on the Group, its shareholders, and investors. The report was irresponsible and has caused great distress to Indian citizens.[2]

Even if you ignore the findings of our investigation and take the financials of Adani Group at face value, its seven key listed companies have 85% downside purely on a fundamental basis owing to sky-high valuations, the report said.[0] The report also highlighted that the group is on an unstable financial footing due to their large amount of debt.[3]

The statement from the ports-to-energy conglomerate declared that the report is an insidious amalgamation of biased false information and aged, baseless and discredited accusations that have been tried and dismissed by India’s supreme courts.[4]

The selloff in Gautam Adani’s corporate empire accelerated on Friday, erasing more than $51 billion of market value in two sessions as Asia’s richest man struggles to contain the fallout from the Hindenburg report.[5]

0. “A US research firm has accused Adani of pulling “the largest con in corporate history”” Yahoo! Voices, 25 Jan. 2023,

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

2. “Adani Group: Asia’s richest man hits back at ‘con’ allegations” BBC, 26 Jan. 2023,

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

4. “Adani net worth crashes $5.5B in a day after short-seller allegations” Markets Insider, 26 Jan. 2023,

5. “Adani Rout Crosses $50 Billion as Stocks Plunge by Daily Limits” Yahoo News, 27 Jan. 2023,