Understanding the Adani-Hindenburg Clash The Adani-Hindenburg clash unfolded as one of India’s most debated financial controversies, beginning in January 2023. Hindenburg Research accused the Adani Group of stock manipulation, accounting irregularities, and the use of offshore shell entities. These allegations, released just before Adani’s ₹20,000 crore FPO, caused a massive stock market fall and triggered political chaos. It even forced SEBI and the Supreme Court to interven