In late January 2023, Hindenburg Research, a US-based short-selling firm, caused a stir in the financial world with its report targeting Gautam Adani, who was then Asia's wealthiest individual. The report accused Adani Group, the apples to airport conglomerate, of "brazen stock manipulation and accounting fraud scheme over the course of decades". This allegation triggered a nosedive in the share prices of Adani Group companies, erasing over $100 billion in market value.
The immediate fallout
