Adani published a in response to Hindenburg’s allegations.

Source: https://247wallst.com/investing/2023/02/02/indian-banks-exposed-to-40-of-adani-groups-24-5b-debt-report/

Nevertheless, Hindenburg’s scorching allegations have caused the fortune of Adani Group’s founder, Gautam Adani, to slide by nearly $47 billion in just over a week, according to the Bloomberg Billionaires index.

Source: https://fortune.com/2023/02/02/who-is-hindenburg-shortseller-india-adani-group-gautam-adani/

The listed Adani firms now have a combined market value of $US108 billion ($A153 billion), versus $US218 billion ($A309 billion) before Hindenburg’s report.

Source: https://thenewdaily.com.au/finance/finance-news/2023/02/03/adani-chaos-indian-parliament/

There is empirical evidence to show that it may have been Hindenburg’s ‘skin in the game’ approach that helped establish its credibility among market participants.

Source: https://www.thehindu.com/opinion/lead/lessons-from-hindenburgs-skin-in-the-game-approach/article66556920.ece