Overview

• Hindenburg Research's January 2023 report accused Adani Group of fraud, wiping out $150 billion in market value and halting its largest IPO.
• The report was released just days before Adani finalized a $1.2 billion deal for Israel's Haifa Port, a key asset in countering China's regional influence.
• Adani launched 'Operation Zeppelin,' reportedly involving Israeli intelligence, to investigate Hindenburg's backers and alleged anti-Adani narratives.
• A 353-page dossier linked hedge funds, activists, and foreign entities to coordinated campaigns against Adani, with allegations of U.S. agency involvement.
• Despite U.S. charges against Adani executives for alleged bribery, Hindenburg shuttered operations in January 2025, marking a dramatic corporate comeback for Adani.