Adani Group Targeted by Short-Seller: A Historic Financial Hunt

Since January 24, Hindenburg Research’s short-selling report—titled 'Adani Group: How the Third-Richest Person in the World Orchestrated the Largest Stock Fraud in Corporate History'—has been exerting sustained pressure on Adani’s wealth empire and his personal reputation. First, let’s briefly examine why Hindenburg labeled Adani and his companies a 'fraud.' According to Hindenburg, after a two-year in-depth investigation, it found that the Adani Group had engaged in stock manipulation and financial fraud over an extended period. Hindenburg even described the Adani Group outright as 'brazen.' Over the past three years, Gautam Adani’s net worth surged dramatically thanks to shares he held in his companies; during this time, the average share price of Adani Group enterprises rose by as much as 819%, with one stock soaring over 2,000% in three years. Amid such 'unscientific' indicators—and driven by its mandate and profit incentives—Hindenburg spent two years reviewing voluminous documents and conducting on-site visits, culminating in this over-100-page short-selling report. It levied 88 specific allegations against the Adani Group, explicitly citing severe debt issues, concealment of corporate liabilities, financial fraud via offshore shell companies, stock market manipulation, and money laundering. Following the report’s release, Adani’s wealth rapidly eroded. Statistics show that on the day the report was published, Adani personally lost $6 billion in net worth. In the ensuing days, share prices of Adani Group companies—and Adani’s personal wealth—continued to plummet. To date, the Adani Group’s market capitalization has declined by over $100 billion, while Adani’s personal assets have shrunk by more than $50 billion. Naturally, Adani did not remain passive during this period. Just days after the short-seller’s report surfaced, on January 29, the Adani Group swiftly issued a rebuttal—a response exceeding 400 pages—denouncing Hindenburg’s report as a 'deliberate attack.' According to the Adani Group, Hindenburg had maliciously stitched together 'selectively distorted information and outdated, baseless, and unreliable accusations.' It even elevated the counterattack to the national level, accusing Hindenburg of ignorance of Indian law and framing the assault as targeting India as a whole—and its entire business community. Such bold rhetoric naturally draws a knowing smile from those familiar with Adani’s rise to prominence last year. Given that Adani’s success is inextricably linked to the Indian government and Prime Minister Narendra Modi, his defense of India’s business community against foreign short-sellers appears entirely logical. Moreover, the Adani Group underscored Hindenburg’s 'unsavory' nature as a short-selling firm, accusing it of 'reaping enormous financial gains through improper means—at the expense of countless investors.' From this perspective, Hindenburg—a Wall Street-based firm that profits by exposing corporate scandals and insider misconduct to drive down stock prices—indeed has its own vulnerabilities. Yet regardless, Hindenburg took the initiative, launching sustained attacks against the Adani Group and pointing out that the Group failed to directly address all allegations—responding to only two dozen of the 88 charges listed. No wonder Adani Group stocks have tumbled relentlessly in recent days. Investors possess the keenest instincts: with the Adani Group still unable to exonerate itself, they exercised their 'vote with feet,' wiping over $100 billion off the combined market value of Adani Group companies—and knocking Adani out of the top 20 globally—down from Asia’s richest and the world’s third-richest person.

India’s COVID-19 Situation Summary: Wednesday, June 16, 2021

Nagaland: ・ Extended lockdown until June 30. VI. India’s Pandemic Situation and International Links 1. Indian media reported that the Chief Minister of Myanmar’s Chin State and over 9,000 people are taking refuge in Mizoram. 2. Indian media reported that surveillance cameras captured images of two suspects involved in a minor explosion near the Israeli Embassy on January 29. On Tuesday, authorities appealed to the public for assistance in identifying them. 3. Indo-French collaborative researchers have developed a novel imaging technology for use in fog, capable of revealing road obstacles—and also aiding in detecting lighthouse beacons. Such obstacles are often obscured by fog in rail, maritime, and road transport. 4. At the G7 Summit, world leaders agreed to expand genomic sequencing to cover 10% of all positive COVID-19 test results and strengthen global surveillance during the pandemic. The UK sequences 50–60% of all positive samples, whereas India—despite setting a target of 5%—has sequenced less than 1%. India should scale up genomic sequencing to monitor whether SARS-CoV-2 variants are evolving. VII. Socioeconomic Impact Amid the Pandemic With easing of India’s COVID-19 containment measures, fast-moving consumer goods (FMCG) sales are showing signs of recovery: FMCG sales in general trade (grocery stores) rose 15–20%; supermarket and independent modern trade outlets saw sales increase 25–30% week-on-week. Of India’s approximately 25,000 automobile retail outlets, over 80% were open on Tuesday. Auto companies report daily improvements in customer inquiries, bookings, and deliveries, while order cancellations remain below normal levels. Automobile manufacturers—which halted production during the second wave—are now revising production plans based on market feedback. 1. PolicyBazaar, India’s largest online insurance provider, reported that during the devastating peak of India’s second wave in April and May, the number of individuals aged 25–35 purchasing term insurance rose 30% compared to the total of the previous three months. 2. Adani Group stocks remain under pressure, falling as much as 5%. On Wednesday, Adani Transmission, Adani Total Gas, and Adani Power each dropped 5%, with these stocks declining over 16% across the past three trading sessions. India’s electricity consumption rose 9.3% in June. 1. By 2023, data center capacity in the National Capital Region (NCR) of Delhi is projected to grow 2.2-fold, reaching 89 MW. Google’s smartphone collaboration with Mukesh Ambani faces supply-chain hurdles; supply disruptions and rising component costs are constraining output. 1. Preliminary data released on Wednesday showed domestic fuel sales by India’s state-owned refineries rebounded in the first half of June, as India began relaxing lockdown restrictions—though sales remained below year-ago levels. From June 1–15, gasoline sales rose 13% and diesel sales rose 12% month-on-month. Senior officials from India’s Ministry of Finance will hold an interactive session with Infosys (and its team) on June 22, 2021, to discuss solutions to issues/failures encountered with the Income Tax Department’s e-filing portal. 2. India’s Ministry of Consumer Affairs, Food and Public Distribution announced via press release dated June 15, 2021, that the hallmarking of gold will become mandatory effective today—i.e., June 16, 2021. 3. The research department of the State Bank of India stated on Wednesday that inflation may continue rising over the coming months, propelled by several global and domestic factors. With inflation persistently high amid sluggish growth, the Reserve Bank of India (RBI) has limited policy options. Soumya Kanti Ghosh, Chief Economic Advisor of the RBI Group, noted that economic recoveries in some advanced economies—faster and stronger than expected—may exert upward pressure on international commodity prices, including crude oil.

India's Adani Total Gas Posts Quarterly Profit Fall on Higher Gas Costs

Jul 21, 2026

Adani Total Gas reported a 14.2% drop in Q1 net profit to 1.42 billion rupees due to a 40.3% surge in natural gas costs. Expenses rose from reduced domestic allocation and higher import prices driven by Middle East conflicts.

reuters

2026-04-27

India's Adani Total Gas Posts Quarterly Profit Rise on Demand Boost

2026-07-21

India's Adani Total Gas Posts Quarterly Profit Fall on Higher Gas Costs

2026-10-22

India's Adani Total Gas Quarterly Profit Rises 6% on Sales Volume Growth

India's Adani Total Gas Posts Quarterly Profit Fall on Higher Gas Costs

FAQ