Adani Group is an Indian multinational conglomerate, headquartered in Ahmedabad. Founded by Gautam Adani in 1988 as a commodity trading business, the Group's businesses include sea and airport management, electricity generation and transmission, mining, natural gas, food, weapons, and infrastructure. More than 60% of its revenue is derived from coal-related businesses.
At its 2022 peak, Adani was the largest Indian conglomerate, with a US$206 billion market capitalization, surpassing Tata Group. It lost more than $104 billion in value after fraud and market manipulation allegations by short-seller firm Hindenburg Research. In May 2024, the Adani Group's market capitalization returned to over $200 billion after the Supreme Court directed the Securities and Exchange Board of India (SEBI) to expedite its investigation. According to bloomberg report the Supreme Court of India instructed SEBI to conclude its investigation into the Adani Group within three months, clearing the company from further probes in the Hindenburg saga. The Adani Group has also attracted other controversies due to reports of stock manipulation, accounting irregularities, political corruption, cronyism, tax evasion, environmental damage, and suing journalists.
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