Adani Group’s Stock Prices Plummet as Allegations of Fraud Surface

The market value of the Adani Group’s listed companies has fallen below $100 billion in the wake of a bombshell short-seller report, and Gautam Adani has dropped from the second-richest person in the world to outside the top 25. On February 23rd, the combined equity market value of Adani Group’s 10 companies slipped below $100 billion, with the group’s stocks taking a significant hit in the days since the US-based short-seller Hindenburg Research’s report was released.

The report alleged “brazen stock manipulation and accounting fraud” within the Adani Group and accused the Indian conglomerate of “pulling the largest con in corporate history.”[0] Since its release, the group’s companies have collectively lost more than $136 billion in market capitalization.[1] Gautam Adani’s net worth has fallen to less than $50 billion, with Forbes and Bloomberg’s real-time billionaires lists placing him 25th in their respective lists of wealthiest people in the world.

The allegations have taken a toll on Adani Group’s stock prices, with Adani Enterprises, Adani Power, Adani Green Energy, and Adani Total Gas losing over 60%, 70%, 74%, and 80% of their market value, respectively.[2] Norway’s largest pension fund, KLP, has blacklisted coal from its portfolio and divested its position in Adani Green over concerns that its investment could inadvertently help finance some of the world’s most polluting activities via the stake.[3]

Australia’s $243bn Future Fund, which was set up to strengthen the commonwealth’s long-term financial position, also has an exposure to two Adani companies that are now worth a fraction of the original investment. Van de Pol of Market Forces said, “Any super fund investing in Adani Group companies has failed its members on climate action and due diligence.”[4]

The Adani Group is facing significant resistance from investors, with several major superannuation funds pulling their investments and the Future Fund’s exposure to Adani companies now worth a fraction of the original investment. As Adani Group’s stocks continue to slide, Gautam Adani’s net worth has now dropped to less than $50 billion. The Indian tycoon has fallen to 26th and 29th positions on the Forbes and Bloomberg world billionaires lists, respectively, and it looks like the Hindenburg Effect is in full swing.[5]

0. “Adani’s market value falls below $100 billion as rout deepens still” Markets Insider, 21 Feb. 2023,

1. “Adani selloff drags group’s market value to under $100b” The Business Standard, 21 Feb. 2023,

2. “Crisis costing Aussies tens of millions”, 25 Feb. 2023,

3. “Adani Credit Facilities Send a Chill Through ESG Markets” Financial Post, 20 Feb. 2023,

4. “Adani stock rout leaves tens of millions in Australian retirement savings exposed” The Guardian, 21 Feb. 2023,

5. “Hindenburg impact? Gautam Adani’s net worth falls below $50 billion” The Federal, 20 Feb. 2023,