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

The financial firm was founded by Nathan Anderson in 2017

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

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

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

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

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

Adani has also canceled FPO of Adani Enterprises following the report