image source: Onmanorma

On 24th of January 2023, a US  based short seller  research agency Hindenburg released a report alleging that the Indian company Adani Enterprises is involved in fraud and it has gained its profits from over pricing of its shares.  The Hindenburg research report that was widely circulated in India and abroad led to decline of the share price of the Adani enterprises shares. Now after 6 days of the report, Adani Enterprises said in its statement that the Hindenburg report is totally baseless and it is aiming the Indian market to disintegrate. 


The Hindenburg report stated that the Adani enterprises made its valuation by manipulating its shares prices and and doing tax fraud by keeping its accounts in tax haven countries. Hindenburg Research, which claims to be an independent research institute, is also a short seller of shares. The report that was recently released by Hindenburg left it with a big gain in its profits. Although these allegations have not yet been proven, financial experts believe that after the decline of Adani enterprises shares, Hindenburg research has done its work. Hindenburg research has also been accused of doing this kind of damage to other companies in the past as well. 

Image source: TV9 Telegu


Adani Enterprises, which was created by a school dropout Gautam Adani has paved its way in the world’s richest companies in the past few years. Many opposition parties in India have also accused the Narendra Modi led government of favoring the Indian conglomerate. Many people on social media are divided on the point that, is really Adani has done fraud or it’s the same tactics of the western countries to divide the Indian diaspora and damage India economically. 


Hindenburg research has released a 32000 pages report on Adani corporation that makes its allegations valid. The research firm said that they have done investigations for over a period of 2 years and have visited many countries and also have audited companies documents. The research company also raised 87 questions and sought answers from the group. 


Adani corporation in its response to the report has released a statement of 413 pages. In its response the company has mentioned that it will surely take legal action against the research report and also the company asked its shareholders to have faith in the company. 


Adani enterprises have lost over 100 billion in the market and its shares are falling continuously after the report was published. Gautam Adani, the Indian conglomerate who was ranked 3rd on the world’s richest list, has now fallen to 7th place. 


After its 413 pages response to Hindenburg research, in which the Indian diaspora alleged Hindenburg of misleading people and attacking the sovereignty of its investigation agencies, Hindenburg research responded by an article on its website that said : Fraud cannot be Obfuscated by nationalism or a bloated response that ignores every key allegation we raised. 


The reply by Adani corporation that cited that the research firm only published this report to get benefit from short selling, and also alleged that the research firm is attacking India directly as our own agencies have never raised questions and they have audited all its transactions. The research report is not only affecting Adani enterprises but also the authenticity  of these agencies like SEBI, RBI and ED. 




Image source: Nikkei Asia

After its blatant remorse for the Hindenburg report, Adani Shares saw a jump in its shares. Many Indian intellectuals are discussing on social media platforms like Twitter and Facebook that they should support Adani by showing trust in the company and the Man Gautam Adani. 


Gautam Adani is a school dropout and he started his career in the 90’s. Today his company deals in every sector that is known. Adani corporation, that mainly was known for its ports, is now known for its impact in energy sector, aviation, media, agriculture and what not. 


The research firm and Adani enterprises are suspected to take legal actions against each other and the whole world is awaiting the long term impact of this report on both these firms and also it will challenge the authenticity  of the research firm if it fails to hold its claims.

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