On 24 January 2023, Hindenburg Research revealed the findings of a 2-year investigation and presented evidence that the Indian conglomerate Adani Group with a stock market valuation of around $218 billion, has engaged in a stock manipulation and accounting fraud scheme over decades. Gautam Adani, founder and chairman of the Adani Group, allegedly added over $100 billion in net worth in the past three years, mainly through stock price appreciation in the group’s seven key listed companies.