Episode Details

In January 2023, Hindenburg Research published a 100-page short report on the Adani Group. Within ten days, $150 billion in market capitalization had been erased. Gautam Adani — briefly the world's third richest person — lost more personal wealth faster than anyone in history. The report identified float manipulation, related party transactions, and offshore structures that had been in the public filings for years. Nobody had connected them. This episode dissects the Adani Group float manipulation mechanism, the Hindenburg short selling report, and the beneficial ownership gap that allowed undisclosed related parties to hold a majority of the publicly traded float. Adani Group. Hindenburg Research. Short selling. India stock market. Float manipulation. Related party transactions. Gautam Adani.

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, a single research report erased a hundred and fifty billion dollars in market value in ten days. No missed earnings. No fraud conviction. No regulatory action. A short seller published a document — and the market believed it more than it believed the company. This is the financial autopsy of Adani Group and the Hindenburg Research report that triggered the largest single-week wealth destruction in Indian financial history. How short selling works as a market discipline mechanism, what Hindenburg actually alleged about offshore ownership structures and related party transactions, and why the market reacted before any regulator moved. The legal outcome remains contested. The mechanism is not. Financial Forensics Labs — Every collapse has a pattern. We dissect it. Layer by layer.