Hindenburg Report: Hindenburg asked 88 questions to Adani in his report which casts doubt on the financial condition of his group. At the same time, Adani Group has said that it is considering legal action in response to Hindenburg's claims. Adani responded by calling the Hindenburg report "a well-planned attack on India" and said the investment firm was only interested in its own financial gain. But analysts say that Adani Group has not given concrete answers to the questions raised through the report.
Hindenburg Research, an American short seller who short-sold Adani's companies, accused Adani of "the biggest fraud in corporate history". Hindenburg also published a report regarding this. Since then the value of Adani's firms has shrunk to less than $110 billion and his own wealth to a little over $61 billion as investors dumped his shares. Since the report, there has been a decline in the shares of Adani Group companies. There is continuous lower circuit in the shares of many companies.