In January 2023, the Adani group was hit hard by a report from Hindenburg Research, a US-based short seller, accusing the conglomerate led by billionaire Gautam Adani of orchestrating “the largest con in corporate history”. The fallout was swift and severe: the group’s stocks plummeted by 50%, erasing $100bn in market value within just 10 days, and forcing the company to withdraw its Rs 20,000-crore follow-on public offer.