The Hindenburg Research website displayed on a laptop screen and the Adani logo displayed on a phone screen are seen in this illustrative photo taken in Krakow, Poland on February 2, 2023.
Nurphoto Nurphoto Getty Images
Gautam Adani, the billionaire chairman of India’s Adani Group, was indicted on Wednesday along with seven others in a New York federal court for his involvement in a large-scale bribery and fraud scheme.
Following the news, the conglomerate saw its companies’ shares plummet. Adani Enterprises is one of the top three conglomerates in the country. It has businesses in many sectors, including ports, airports, renewable energy and cement.
The latest development comes after the conglomerate spent most of 2023 trying to move beyond allegations of accounting fraud and stock market manipulation made by short seller Hindenburg Research.
Here’s a timeline of Adani’s headlines over the past year, tracing the series of accusations and counter-accusations from the publication of the Hindenburg report, to the indictment.
January 2023
At the beginning of last year, Hindenburg announced a short position in the Adani Group, accusing Adani of engaging in “brazen” stock manipulation and accounting fraud, calling it “the biggest con in corporate history.”
Shares linked to Adani saw a sharp sell-off after the report was released, and Adani’s net worth fell by $6 billion overnight.
The conglomerate denied Hindenburg’s accusations of embezzlement and fraud in a 413-page response, calling the latest report a “selective combination of misinformation,” adding that it “always complies with all laws.”
Around that time, Adani Enterprises began selling 200 billion rupees ($2.45 billion) of secondary shares that were fully subscribed despite a brief storm of sellers.
March 2023 to May 2023
In March, the Supreme Court of India constituted an independent six-member panel to investigate the allegations in the Hindenburg report.
Then in May, a court-appointed panel said it was “drawing a blank” in its probe into the Adani group, according to Reuters.
December 2023 to January 2024
By the end of 2023, Adani Enterprise shares had recovered from the fall and finished the year with a 26% decline.
India’s top court in January announced that the Adani Group would not be subject to additional investigations beyond oversight by market regulators, providing significant relief to the conglomerate.
At that time, Adani took to X, thanking those who had “stopped” the group. “Reality has prevailed,” he wrote, adding that “our humble contribution to India’s growth story will continue.”
Adani then became Asia’s richest man again, according to the Bloomberg Billionaires Index in January.
August 2024
Hindenburg released a new report accusing the head of India’s capital market regulator of having a conflict of interest that prevented a deeper investigation into allegations of fraud.
The report stated that SEBI chairman Madhabi Puri Buch and his wife previously owned an offshore fund that was also used by the Adani Group. Both denied the allegations, saying the report’s claims were baseless.
November 2024
Adani was indicted along with seven others in New York federal court, accused of paying more than $250 million in bribes to Indian government officials to secure solar energy contracts that could have generated more than $2 billion in revenue.
The 62-year-old Indian billionaire expanded his empire through deals and the support of Indian Prime Minister Narendra Modi, according to Forbes. Modi has been accused by opposition leader Rahul Gandhi of helping the Adani Group to secure contracts in Sri Lanka, India and Australia.
Adani is currently ranked 18th in the Bloomberg Billionaires Index.
