India’s Gautam Adani rebounds from Hindenburg attack with return to the $100 billion club

One year ago, a spectacular David and Goliath battle shook corporate India when a tiny American firm took on one of the world’s richest infrastructure tycoons.

One year ago, a spectacular David and Goliath battle shook corporate India when a tiny American firm took on one of the world’s richest infrastructure tycoons. Hindenburg Research published a blistering report in January 2023, accusing Gautam Adani, then Asia’s richest man, of engaging in fraud over decades. Hindenburg said it had taken a short position in his companies, meaning it would benefit if their shares fell. The Indian ports-to-power conglomerate denounced the short-seller’s report as “baseless” and “malicious.” But that failed to halt a stunning stock market meltdown that, at one point, wiped more than $100 billion off the value of its listed companies. Adani’s personal fortune was also hammered, collapsing by more than $80 billion in the month following the release of the report. A year on, Adani appears to have bounced back. Analysts are even saying the billionaire can give himself a pat on the back for the way he handled the crisis. “The group has done exceptionally well on various fronts since the Hindenburg report,” said Manish Chowdhury, head of research at brokerage StoxBox. “It is now better managed and they have learnt quickly from their mistakes and handled the media glare well.” Shares in most of Adani’s 10 listed firms have rallied this year, with some touching record highs recently. On Thursday, his wealth once again crossed the $100 billion threshold, according to the Bloomberg Billionaires Index.