The long-running saga between India’s Adani Group and U.S. short-seller Hindenburg Research has taken new turns in 2025. After the 2023 report that wiped out about $150 billion of Adani’s market value, investors are closely watching the latest developments. Recent Adani news (July 2025) includes regulatory probes, a new U.S. investigation report, and even the winding down of Hindenburg itself. This article breaks down what happened, why it matters, and how markets and officials have reacted. Background: The 2023 Hindenburg Report The clash began in January 2023, when Hindenburg Research published a detailed 106-page report accusing Adani Group of a “brazen stock manipulation and accounting fraud scheme” over decades . It alleged that Adani’s promoters secretly used offshore shell companies in tax havens to inflate stock prices and siphon funds. In the wake of the report, Adani’s share prices plummeted, erasing roughly $150 billion of market value . Adani Group denied the all...
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