Two months on from its explosive report into Gautam Adani’s acquisitive conglomerate, short seller Hindenburg Research has left the Indian billionaire’s empire chastened and reevaluating its ambitions.
Hindenburg’s allegations of extensive, years-long corporate fraud at the Adani Group have wiped out about $125 billion in market value since January, spurring the tycoon to rein in plans to expand into new sectors, according to people familiar with the company’s inner workings.
