When Hindenburg Research published a report into Gautam Adani’s sprawling business empire in January 2023, accusing Asia’s then richest man of fraud going back decades, the impact was immediate and explosive: about $100 billion was wiped off the value of his companies.
When Hindenburg Research published a report into Gautam Adani’s sprawling business empire in January 2023, accusing Asia’s then richest man of fraud going back decades, the impact was immediate and explosive: over $100 billion was wiped off the value of his companies. Eighteen months on, Adani — who has denied any wrongdoing — has largely recovered from the broadside and the tiny US short seller has revealed how much it made betting against the Indian billionaire: just over $4 million.
and the Adani Group for comment. This is “an attempt to silence and intimidate those who expose corruption and fraud perpetrated by the most powerful individuals in India,” Hindenburg said in its statement. In its blistering report last year, Hindenburg had accused the Adani Group of “brazen stock manipulation” and questioned the “sky-high” valuations of the ports-to-power conglomerate’s firms.
launched a probe into the group after the Hindenburg report, but in January India’s top court ordered the market regulator to wrap up its investigation quickly and said that no further probes into the group were needed. “In our view, has neglected its responsibility, seemingly doing more to protect those perpetrating fraud than to protect the investors being victimized by it,” Hindenburg said on Monday.
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