Hindenburg Reasearch is a investigation firm. It will keep a check on illegal or criminal activities in the business sector.
So, now it made an allegation about Adani's wealth and its stocks in the share market.
On January 24th, Hindenburg released a report of 106 points against Adani. Within 3 days, Adani lost 4.17 lakh crores from his wealth.
Even LIC one of the major investors in Adani's enterprises has lost over 23,000 crores to a decline in the stock market.
The Hindenburg report claimed that Adani's shares' value is hyper-inflated by wrong practices.
Then the report told that all the companies of Adani like Adan power, Adani green gas, Adani Transmission, and other listed companies are in massive debt.
Even Adani's company is run by his family members who have
criminal cases in the past. His brother Rajesh Adani MD of Adani Enterprises is arrested twice for a fraud case.
Even Gautam Adani's brother-in-law has also been involved in the diamond trading scam.
Hindenburg report exposes that Adanis companies have registered 38 fake companies. Then they manipulated imports and exports worth millions to those fake companies.
Adani's wealth stands at $20 billion in 2020. But now in 2023, his entire wealth stands at a whopping $120 billion. Hindenburg claims that this extreme accumulation of wealth was made by illegal means.