Fact check
Is it true: Adani Group / Hindenburg Research report (24 Jan 2023)?
Partly — it's more complicated than the claim suggests.
OCCRP August 2023 investigation corroborated Hindenburg's offshore-entity/Vinod Adani allegations with documentary evidence. SEBI investigation ongoing; found no violation in majority of specific allegations reviewed but did not clear offshore shareholding questions. $150B+ market-cap decline is documented. Core stock manipulation and accounting fraud allegations unproven in any proceeding as of mid-2026.
The claim
On 24 January 2023, US short-seller Hindenburg Research published an 88-question report alleging that the Adani Group — the Indian conglomerate controlled by Gautam Adani — had engaged in stock manipu
Key evidence
OCCRP August 2023 investigation corroborates offshore entity links
SEBI investigation found no violation in majority of reviewed allegations
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