Hindenburg Research LLC is an investment research firm involved in short-selling.

The financial firm was founded by Nathan Anderson in 2017

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Hindenburg has a track record of exposing major corporate fraud and malfeasance

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Before Adani, Hindenburg has also targeted Nikola Corporation, an American manufacturer company

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Following Hindenburg’s Nikola Report in 2021, the company’s share slided by 40%

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Hindenburg’s Adani Report released in January 2023 has affected Adani Group shares

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Shares of all listed subsidiary companies of Adani have dropped by over 30%

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Adani has also canceled FPO of Adani Enterprises following the report

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