Adani Enterprises is a diversified conglomerate, flag ship of the Adani Group and was listed on the Indian National Stock Exchange (NSE) in 1994. Short seller Hindenburg targeted the Adani Group claiming brazen share price manipulation and a long-running accounting fraud. Hindenburg suggested that the Adani family used funds fraudulently extracted from listed group companies to accumulate hidden stakes in the main listed vehicles. These stakes have allegedly been used to manipulate share prices and inflate profits of group companies. Poor financial control, a weak audit structure and the stonewalling of regulatory investigations have apparently hidden this malfeasance. After the allegations were made, Adani Enterprises' share price fell by up to 70%, showing apparent investor concern about the issues raised. However, there have been no director resignations after the allegations were made, nor have any of the group auditors resigned. Hence, the allegations are unproven.

Last updated May 2023.

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