On January 24, 2023, Hindenburg Research released a bombshell report accusing the Adani Group of decades-long “brazen stock manipulation and accounting fraud,” sending shockwaves through global markets.
The fallout was dramatic, with Adani Group stock prices plunging and wiping out nearly $150 billion in market value by February 2023. However, in a striking reversal, Adani Enterprises shares have since rebounded, fully recovering their losses and restoring significant investor wealth.
Despite this recovery, the shadow of this news on Adani shaped the ongoing narrative around the conglomerate. Legal battles persist, and fresh accusations emerged as recently as August 2024.
With Hindenburg Research hinting at another potential exposé in India, the question remains: How will this affect Adani Group’s long-term financial trajectory and investor confidence?
Hindenburg Report on Adani Group Companies in 2023
The Hindenburg report on Adani triggered a significant decline in the Adani Group stock price. Here is a breakdown of how Adani Group companies stock fell following the report:
Immediate Impact (January 2023):
- The market capitalisation of Adani Group’s listed companies plunged by nearly $140.1 billion, dropping from $227.78 billion to $80.67 billion by February 27, 2023.
- The group lost a market cap of nearly ₹1 lakh crore immediately after the report.
Peak Decline (February 2023):
- Approximately $82.9 billion (₹7 lakh crore) in investor wealth was wiped out.
- Adani stocks fell by up to 50%, erasing a substantial portion of their market value.
Share Prices of Different Adani Group Shares Before and After the Hindenburg Report
You can follow this table to get an idea about how the shares reacted to this news on Adani:
| Stock | Pre-Hindenburg Price (₹) | Lowest Price Post-Report (₹) | % Decline |
| Adani Enterprises | ₹3,400 | ₹1,017 | 70% |
| Adani Wilmar | ₹573 | ₹286 | 50% |
| Adani Power | ₹275 | ₹132 | 52% |
| Adani Ports | ₹760 | ₹395 | 48% |
| Adani Energy Solutions | ₹2,726 | ₹632 | 77% |
| Adani Green Energy | ₹1,917 | ₹485 | 75% |
| Adani Total Gas | ₹3,892 | ₹650 | 83% |
Ongoing Investigations on Adani Group Stocks After the Hindenburg Report
After the Hindenburg report on Adani, investigations into Adani Group listed companies began, leading to various allegations, including:
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SEBI Investigation
The Securities and Exchange Board of India (SEBI) launched an investigation into the claims made by Hindenburg Research, examining possible stock manipulation and financial irregularities.
India’s Supreme Court instructed SEBI to conclude its inquiry within a set deadline, ensuring the investigation follows proper legal protocols.
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Swiss Investigation
In September 2024, Hindenburg Research alleged that Swiss authorities had frozen more than $310 million in bank accounts associated with the Adani Group, citing accusations of money laundering and securities fraud.
The Geneva Public Prosecutor’s Office is reportedly investigating these claims, which trace back to 2021.
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US Investigations
In January 2025, another news report about Adani emerged, revealing that U.S. prosecutors had charged Adani Group Chairman Gautam Adani in connection with an alleged bribery and fraud scheme.
The Department of Justice was requested to retain documents related to investigations involving Adani and his companies, underscoring continued scrutiny in the United States.
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Supreme Court Ruling
India’s Supreme Court ruled that the Adani Group will not face additional investigations beyond the ongoing scrutiny by the market regulator, providing major relief to the conglomerate following allegations of wrongdoing by a U.S. short-seller.
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Regulatory Scrutiny
SEBI has concluded the majority of its investigations into the Adani Group listed companies, with only two out of 24 inquiries still pending, according to recent reports. The market regulator remains vigilant, actively overseeing compliance with securities laws.
Current Situation of Adani Group Stocks in 2025
Despite ongoing investigations, Adani Group stock prices have rebounded significantly, driven in part by strategic financial moves and external factors such as the closure of Hindenburg Research.
This table will help you understand how much the stocks recovered from their lowest price as of March 2025:
| Stock | Lowest Price Post-Report (₹) (approx.) | Current Price (₹) (approx.) | Recovery (%) |
| Adani Enterprises | ₹1,017 | ₹2,226 | 118.88% |
| Adani Wilmar | ₹286 | ₹248.60 | -13.07% |
| Adani Power | ₹132 | ₹516.70 | 291.44% |
| Adani Ports | ₹395 | ₹1,125.60 | 184.96% |
| Adani Energy Solutions | ₹632 | ₹794 | 25.63% |
| Adani Green Energy | ₹485 | ₹883.40 | 82.14% |
| Adani Total Gas | ₹650 | ₹611.50 | -5.92% |
Final View
The Hindenburg Research news on Adani reports initially caused a sharp decline in Adani Group stock prices, erasing nearly $150 billion. However, the conglomerate has demonstrated resilience, regaining much of its market worth.
While legal and regulatory challenges persist, Adani’s recovery highlights its adaptability. This episode underscores the complex relationship between corporate governance, regulatory oversight, and market sentiment in India’s evolving financial landscape.
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