Shifani Motani WIP

A
Project Study Report on
“Impact of Hindenburg’s article on selected companies

of Adani group”
Submitted towards the partial fulfilment on the requirement of
MBA (Full-Time) Programme
SUBMITTED BY:
Motani Shifani Naushadbhai
UNDER THE GUIDANCE OF
(Dr. Janki Mistry)
G. H. Bhakta Management Academy
DEPARTMENT OF BUSINESS AND INDUSTRIAL MANAGEMENT
VEER NARMAD SOUTH GUJARAT UNIVERSITY
SURAT
May 2022
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DECLARATION
I, Shifani Motani, hereby, declare that the project “Impact of Hindenburg’s
article on selected companies of Adani group” is my own work carried out
under the guidance of Dr. Janki Mistry
I further declare that the contents of the report are authentic and specific
references have been quoted along with the secondary data for better
crosscheck and verification. Any material which has been used for the
theoretical framework has been clearly indicated duly acknowledged and
mentioned in the bibliography.
I further declare that, to the best of my knowledge, no part of this report is

submitted anywhere for obtaining any other degree purpose earlier.
Place: Surat
Date:
_________________________
(Name of the Student)
Enrolment No -----------------------
Department of Business and Industrial Management
Veer Narmad South Gujarat University, Surat .
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Department of Business & Industrial Management
Veer Narmad South Gujarat University,
Surat
CERTIFICATE
This is to certify that the project study report title Impact of

Hindenburg’s article on selected companies of Adani
group submitted by SHIFANI N MOTANI is a record of the work carried out
under my guidance and supervision for the subject “project study (cp-403 &
404) in MBA (full-time) Sem-IV.
To the best of my knowledge, this report has not been submitted to any other
university of institute for any degree or diploma award
Prof. (DR). JANKI MISTRY
Veer Narmad South Gujarat University
Surat – 395007, Gujarat, India
Prof. & HOD
DR. Manish Sidhpuria
Veer Narmad South Gujarat University,
Surat – 395007, Gujarat,India.
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ACKNOWLEDGEMENT
I would like to express my sincere gratitude to several individuals for

supporting me throughout my project work. First, I wish to express my sincere
gratitude to my respective mentor, Dr. Janki Mistry, for her enthusiasm,
patience, insightful guidance, helpful information, practical advice and
unceasing ideas that have helped me tremendously at all times in my research.
Her immense knowledge, profound experience and professional expertise in
the concerned area has enabled me to complete this research successfully.
Without her support and guidance, this project would not have been possible.
Finally, I also express my sincere thanks to all my friends and respondents for
their cooperation and to all those people who have, directly or indirectly,
helped me for the completion of this project.
Thank you for all your encouragement!
Thank You,
Shifani Motani
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EXECUTIVE SUMMARY
It is one of the largest groups of companies in India which specialises in

infrastructure projects in coal, ports, cement, green energy and even edible oil.
The Hindenburg Research report on the Adani Group, released in January
2023, is a critical analysis of the Indian conglomerate‘s financial and
operational practices. The report has sparked a heated debate about the
business practices of one of India‘s largest companies and raises serious
questions about the ethics and legality of Adani Group‘s operations. The
Hindenburg report alleges that Adani Group has used aggressive and
unconventional accounting practices to inflate its profits and understate its
debt. The report claims that the company has booked large amounts of revenue
from subsidiaries and joint ventures, which are not consolidated in its financial
statements, and that this provides a misleading picture of the company‘s
financial health and profitability. It would help to understand the extent of the
impact that such reports can have on the reputation and stock prices of
companies. The study could analyse the changes in the Adani Group's stock
prices before and after the publication of the report, as well as any changes in
trading volume and market capitalization. The limitations of the report are
limited scope, bias, causation, correlation, Data Availability, Generalizability.
In conclusion, the Hindenburg report on Adani Group raises serious concerns
about the company‘s financial and operational practices, as well as its
environmental impact. While Adani Group has strongly denied the allegations,
it is important for investors and regulators to take these concerns seriously and
to undertake a thorough investigation of the claims made in the report.
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INDEX
Sr.no Particulars Page

no.
Declaration 2
Department Certificate 3
Acknowledgement 4
Executive Summary 5
1 Chapter 1 Introduction 7
Adani Group 8
Adani Port 9
Adani Enterprise 15
Adani Green Energy 22
Adani Power 24
Adani Transmission 28
2 Chapter 2 Theoretical Framework 30
2.1 Introduction 31
2.2 Detailed Analysis of Report 31
2.3 Key Points in the Hindenburg‘s Report on Adani 32
2.4 Various Business of Adani Group Raise 34
Allegations
2.5 Adani Group‘s Response 36
3 Chapter 3 Literature Review 38
4 Chapter 4 Research Methodology 43
What is Research Methodology? 44
4.1 Objectives 44
4.2 Methodology 44
4.3 Scope of the Study 45
4.4 Need of the Study 45
4.5 Sources of Data 46
4.6 Sampling Plan 46
4.7 Research Design 46
4.8 Limitations of the Study 47
5 Data Analysis 48
5.1 What is Event Study? 49
5.2 What is T-Test? 50
Adani Port Analysis 55
Adani Enterprise Analysis 58
Adani Green Energy Analysis 61
Adani Power Analysis 64
Adani Transmission Analysis 67
6 Findings and Conclusion 70
Bibliography 73
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CHAPTER: 1
INTRODUCTION
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Adani Group
It is one of the largest groups of companies in India which specialises in infrastructure
projects in coal, ports, cement, green energy and even edible oil. It has made the news in
India lately because of its rapid expansion in the cement industry (buying majority stake in
Ambuja Cement and ACC Ltd.) as well as news media (buying around 30% shares of
NDTV). Its owner, Mr. Gautam Adani has been one of the top 4 richest persons in the world
for some time now. The following is a list of a few of the major listed companies that come
under the Adani Group –
1. Adani Enterprises
2. Adani Ports and SEZ
3. Adani Green Energy
4. Adani Power
5. Adani Transmission
6. Adani Total Gas
7. Adani Wilmar
8. Ambuja Cement
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ADANI PORTS AND SPECIAL ECONOMIC ZONE
LIMITED
Adani Ports and Special Economic Zone Limited (Adani Ports & SEZ;
also APSEZ) is an Indian port operator and logistics company. APSEZ is
India's largest private port operator with a network of 12 ports and terminals,
including India's first port-based SEZ at Mundra.
Operations
As of 2017, APSEZ operated 3 inland container depots (ICD) through its

subsidiary Adani Logistics Ltd. In August 2022, they acquired an additional
ICD from Navkar Corporation in Tumb, Gujarat.
It holds Category 1 License for the Indian Railways that helps in pan-India
cargo movement. The trains owned by Adani Logistics were used to dispatch
30,000 tonnes of food grains to feed over 60 lakh citizens across the states
of Tamil Nadu, Karnataka, West Bengal, and Maharashtra, during the
2020 COVID-19 lockdown.
APSEZ provides dredging and reclamation solutions, primarily for port and
harbour construction.The Adani Group started investing in developing a
dredging fleet in 2005. As of 2018, APSEZ operated a fleet of 19 dredgers, the
largest capital dredging fleet in India.
APSEZ has undertaken mangrove afforestation activities totalling 2885 Ha (as

of August 2018) with a survival rate of over 85%. In 2016, the company
announced that all ports and townships were being prepared to run on 100%
renewable energy by 2018 using a mix of solar and wind energy.
In August 2017, a Morgan Stanley analysis described APSEZ as "stacking up

well compared to its global peers: On operating metrics such as revenue
growth, margins, EBIDTA growth, net income growth and return ratios
(RoCE/ RoE), and based on bottom-up estimates by Morgan Stanley analysts
covering global ports, APSEZ is expected to be in the top quartile across
various operating metrics despite the tax holiday for Mundra port coming to an
end".
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Private equity firm Warburg Pincus acquired a 0.49% stake in Adani Ports
for ₹800 crore (US$100 million) on 7 March 2021.
In April 2022, it was announced that APSEZ (through its subsidiary, The
Adani Harbour Services Ltd.) had acquired the third-party marine services
provider, Ocean Sparkle Ltd.
In July 2022, APSEZ alongside the Gadot Group won the privatisation bid
for Israel's Port of Haifa for US$1.18 billion. Where Adani Ports and Gadot
Group respectively hold 70%:30% of the shares.
In September 2022, Adani Ports secured a US$3.1 billion deep-sea port

construction project with the West Bengal government.
Ports and Terminals
The company commenced operations at Mundra Port and currently operates 10

ports across 6 Indian states.Its ports have 45 berths and 14 terminals.
Mundra Port
Mundra Port is a deep-water, all-weather, berthing on arrival port in the Gulf

of Kutch. With 26 berths and dedicated terminals for different cargo and
commodity types, it has an annual capacity to handle 231 MMT cargo. The
port is connected to National Highway (NH) network through State Highways
48 via Anjar and SH-6. It has a privately developed rail network of 69 km
connecting Adipur to Mundra port, which in-turn provides nationwide
connectivity. It is capable of berthing fully loaded Capesize vessels, VLCC
and ULCC. It handles dry bulk, break bulk, project cargo, liquid, containers,
automobiles, and crude.
Since 2013, Mundra Port is India's largest private commercial port and hosts
the world's largest coal import terminal. Mundra Port was known for
introducing technological advancements that led to a high level of automation
to enhance the efficiency of cargo handling.
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As of August 2016, approximately 20,000 ships had docked at Mundra without
a single accident representing the high safety standards implemented by the
port authorities. Mundra Port had two single-point mooring (SPM) facilities to
evacuate crude oil.Efforts to build a new container terminal in Mundra in
partnership with French shipping giant CMA Terminals were underway as of
January 2017.
Krishnapatnam Port
Krishnapatnam Port Company Limited (KPCL) is a multi-cargo facility port

located near Nellore, Andhra Pradesh. KPCL was acquired by Adani Ports in
October 2020 for INR 13,000 cr. from the CVR Group. Originally, they had a
75% stake but by April 2021 they acquired the remaining 25% stake from
Vishwasmudra Holdings.
Hazira Port
The Hazira Port is a deep-water port located in the Gulf of

Khambat, Surat, Gujarat. The port has been operational since 2005 and is a
strategic port for Shell Energy India. Adani developed additional container
jetties and multipurpose jetties. However in 2016, APSEZ faced setbacks to
further development due to environmental complaints from the Hazira
Fishermen Committee.
Dhamra Port
Dhamra Port, Bhadrak, Odisha is a deep-water, all-weather, multi-user, a

multi-cargo port located between Haldia and Paradeep ports on India's eastern
coast.It was acquired by Adani in 2014 for Rs 5,500 crore which was the
largest port sector deal at the time. It can handle dry bulk, breakbulk, project
cargo, and containers. It has an annual capacity of 40 MMT cargo which can
go up to 100 MMT in the future. It is located near the mineral belts
of Odisha, Jharkhand, and West Bengal. It is connected by a 62 km railway
line to Ranital Link Cabin which connects the main Howrah-Chennai line.
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It features a fully integrated conveyor system for import and export, a coastal
circuit for fast cargo transit, and rapid loading silos with 4000 TPH
capacity. Situated between Haldia in West Bengal and Paradip in Odisha, the
Port is located 215 km from Bhubaneshwar. The port serves as a gateway
to Nepal, Bangladesh, Myanmar and the entire geopolitical region, including
the ASEAN region.
Dahej Port
The Dahej Port is a deep-water, multi-cargo port in the Gulf

of Khambat, Bharuch, Gujarat. It houses two dry and breaks bulk berths and
dedicated facilities for handling project cargo. It has a capacity to handle
2 crore (20 million) tonnes per year.] It handles all kinds of dry bulk and
breakbulk cargo including coal, fertiliser, Agri products, steel cargo, and
minerals. Additionally, it is capable of berthing capesize and Panama
vessels.] Dahej Port has a dedicated railway line that connects to the national
railway network and it is also connected to National Highway 8.[36] It is
connected to the contiguous industrial hubs of Gujarat, Maharashtra and
eastern Madhya Pradesh.
Dahej Port is equipped with India's first high speed elevated triangular gallery
overload conveying system for coal transportation which reduces dust
pollution.It accommodates a Ro-Ro Jetty for project cargo movement of
9.8 km long fully integrated high-speed conveyor.
Vizag Terminal
APSEZ formerly owned a coal terminal in the Visakhapatnam Port. In 2022,

only a few years into a 30-year contract they returned it to the Visakhapatnam
Port Authority.
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Mormugao Terminal
Mormugao Terminal is a one-berth terminal located on the south-west coast of

India. It has a capacity of 7 MMT cargo.It can handle coal cargo, Panamax and
capsize vessels. Its main feature is a mechanized material handling system of
conveyor systems and stacker cum reclaimers. It is connected
to Maharashtra and Karnataka hinterlands via South Central
Railways and Konkan Railways.
Vizhinjam Port
APSEZ won a bid with the Kerala government to construct the Vizhinjam
International Seaport in 2015. While the initial completion date was projected
for 2020 the construction has experienced multiple delays due to the COVID-
19 pandemic and cyclones.Adani sought an extension to 2024 but this led to
disputes with the Kerala government.
Kattupalli Port
Kattupalli Port lies 24 km north of Chennai Port and can handle 18 MMT
cargo,including containers, breakbulk, and project cargo.It can berth fully
loaded Capesize vessels and container vessels.It has a DPD warehouse within
the container for movement of AEO and DPD consignments and a 45,000 sq.
ft. warehouse with off-dock CFS. Kattupalli Port is connected to all
CFSs/ICDs/SEZs in Chennai for imports and exports.
Ennore Terminal
Ennore Terminal is a container terminal located in the northern suburbs of

Chennai. It can handle 12 MMT cargos. It is connected to the hinterland by
roads, including the upcoming EMRIP project and Northern Port Access Road.
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Tuna Terminal
Tuna Port is an all-weather, berthing on arrival port with the largest coal
import terminal of 35,000 MT/Day discharge rate near Kandla Port. It has a
capacity of 2 crore (20 million) tonnes per year and can handle 1,30,00 DWT
vessels at berth.It can handle all kinds of dry bulk and break bulk cargo
including coal, fertilizer, agri-products, steel cargo, and minerals, and it is
equipped with a fully integrated high-speed conveyor system. It is connected
to National Highway (NH) 8A.
Dighi Port
Dighi Port was acquired by APSEZ in February 2021, with the intention of
being an alternative to the Jawaharlal Nehru Port, in Navi Mumbai.
Awards and Recognitions
In 2019, the organisation won an 'Honorary Special Mention' award at the

first-ever National Corporate Responsibility (CSR) Award ceremony. The
award was presented by Finance Minister Nirmala Sitharaman and her
deputy, Anurag Thakur.
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ADANI ENTERPRISE
Adani Enterprises Limited is an Indian multinational publicly listed holding
company and a part of Adani Group. It is headquartered in Ahmedabad and
primarily involved in mining and trading of coal and iron ore. Through its
various subsidiaries, it also has business interests in airport operations, edible
oils, road, rail and water infrastructure, data centres, and solar manufacturing,
among others.
History
The company was incorporated in 1993 under the name Adani Exports
Limited. It mainly deals with the group's integrated resources management,
power trading, and natural resources businesses on a standalone basis. Its
general purpose is to act as an in-house incubator for Adani Group's new
businesses until they become self-sustainable.
Through its various subsidiaries, Adani Enterprises is involved in edible

oils and staple foods, airport operations, solar PV manufacturing, road
infrastructure, water infrastructure, data centres, agri-output storage and
distribution, defence and aerospace, bunkering, shipping, rail
and metro infrastructure, oil exploration, petrochemicals, mass media, green
hydrogen, cement, copper, aluminium, and online services.
Subsidiaries
Notable subsidiaries and jointly-controlled companies of Adani Enterprises

include:
Adani Agri Fresh
Adani Agri Fresh is involved in procurement, packaging, logistics and

marketing of apples produced by farmers in Himachal Pradesh, as well as and
other Indian fruits, under Farm-Pik brand.It also imports fruits from other
countries and sells them in the Indian market.
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Adani Airport Holdings
Chhatrapati Shivaji Maharaj International Airport in Mumbai
Adani Airport Holdings is the airport management and operations subsidiary.

It is the majority stakeholder in Mumbai International Airport Limited
(MIAL), which owns the Chhatrapati Shivaji Maharaj International
Airport and the under-construction Navi Mumbai International Airport.
The company has a 50-year lease

on Ahmedabad, Guwahati, Jaipur, Lucknow, Mangalore and Thiruvananthapur
am international airports, starting January 2021. It will operate, manage and
develop all six airports for 50 years.
Adani Cement
Adani Cement or Adani Cement Industries Limited (ACIL) is a cement

company based in Gujarat, India. It was incorporated by Adani Group on June
11, 2021. Adani Cement is wholly-owned subsidiary of Adani Enterprises and
has not begun its business operations. It was reported in June 2021 that the
Adani Group planned to set up a cement plant in Maharashtra which will have
an initial capacity of 5-Million tonnes per annum with an approximate
investment of ₹900-1,000 crore. The Group has proposed a 10-million tonnes
per annum Lakh pat cement plant, but later put the plans for that plant on hold.
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Adani ConneX
Adani ConneX was launched in 2021 as a 50:50 joint venture with Edge
ConneX to develop a network of hyper scale data centres in India, starting
with Chennai, Navi Mumbai, Noida, Visakhapatnam and Hyderabad. In 2022,
AdaniConneX announced that it was building a hyper scale data center
in Kolkata's Bengal Silicon Valley tech hub.
Adani Defence & Aerospace
It is a defence manufacturing arm of the company. It manufactures with armed

drones such as Hermes 900 UAV and small arms such as IWI Negev, Tavor
TAR-21, and IWI ACE. As a part of a joint venture between Elbit
Systems from Israel and Adani Defence and Aerospace, a manufacturing
facility for unmanned aerial vehicle have been set up at Hyderabad, Telangana,
inaugurated in 2019. In April 2020, Adani Defence Systems and Technologies
acquired Alpha Design Technologies Pvt Ltd., an organization involved in the
design, development, and manufacture of defence electronics and avionics.
In September 2020, Adani acquired a 51 percent stake in PLR Systems Private

Ltd which was incorporated in 2013 and engages in manufacturing and supply
of indigenously built defense equipment to the armed forces. In May 2022,
Adani Defence Systems and Technologies, a wholly-owned subsidiary of
Adani Enterprises, signed a definitive agreement to acquire a 50% stake in
Bengaluru-based General Aeronautics. The company is involved with DRDO
in Long-range Guided Bomb, VSHORAD, UAV launched Precision Guided
Munition (ULPGM) and Rudram-1.
Adani Digital Labs
Adani Digital Labs was incorporated in September 2021 as a wholly-owned

subsidiary of Adani Enterprises, to build a digital platform for the consumers
of Adani Group's B2C businesses. In December 2022, the company made
the alpha release of the mobile app, named "Adani One", with the integration
of the group's airport vertical.
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Adani Mining
Carmichael coal mine in Australia.
Adani Enterprises operates its mines in India, Indonesia and Australia, and
supplies coal to Bangladesh, China, and some countries in Southeast Asia. It
has a coal mine in Bunyu, North Kalimantan, Indonesia, which produced
3.9 Mt of coal in 2016–17. The Group has made the largest investment by an
Indian company in Australia at the controversial Carmichael coal mine in
the Galilee Basin, Queensland. Development of this mine is as of 2020 the
subject of a court challenge to the Australian Government over its lack of
adherence to environmental legislation.
In 2020, Adani Australia, the controversial Australian mining arm of Adani

Enterprises was rebranded as Bravus Mining & Resources. The new subsidiary
is responsible for developing Carmichael coal mine in Central Queensland.
Adani New Industries
Adani New Industries was incorporated in January 2022 as a wholly-

owned new energy subsidiary of Adani Enterprises. It undertakes green
hydrogen projects such as low-carbon power generation, as well as the
manufacture of hydrogen fuel cells, wind turbines, solar modules and
batteries. The company announced that it would produce green
hydrogen derivatives such as ammonia, methanol and urea. In June
2022, Total Energies acquired a 25% stake in Adani New Industries.
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Adani Road Transport
The Kagal–Satara stretch of NH48 to be six-laned under Bharatmala's build-

operate-transfer agreement.
Adani Road Transport undertakes construction, operations and maintenance of

roads, highways, expressways and tollways. The company has NHAI projects
in the states of Andhra Pradesh, Chhattisgarh, Gujarat, Kerala, Madhya
Pradesh, Maharashtra, Odisha, Telangana, and West Bengal.
In December 2021, it won the contract to build a 464 km stretch of the

594 km-long Ganga Expressway in Uttar Pradesh.
Adani Shipping
Incorporated in 2006, Adani Shipping is a Singapore-based step-down

subsidiary which operates a fleet of bulk carriers. In 2011, it began
transporting coal from the group's mines in Indonesia and Australia.
Adani Solar
Adani Solar is the solar PV manufacturing and EPC subsidiary of Adani

Enterprises. As of November 2020, it is the largest integrated solar cell and
module manufacturer in India.
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Adani Water
It was founded as a subsidiary in December 2018, with a focus on water

infrastructure construction. It is currently involved in wastewater treatment,
recycle and reuse projects at Prayagraj under the National Mission for Clean
Ganga Framework.
Adani Welspun Exploration
Adani Welspun Exploration is a 65:35 joint enture between Adani

Group (through Adani Enterprises) and Welspun Enterprises. It is involved
in oil and gas exploration.
Adani Wilmar
Incorporated in 1999, Adani Wilmar is a food processing company and a joint

venture between Adani Enterprises and Wilmar International. In November
2000, Adani Wilmar launched its flagship brand "Fortune" under which it
produces and sells edible oils including sunflower oil, palm oil, soybean
oil, mustard oil, rice bran oil, cottonseed oil, groundnut oil and vanaspati.
Apart from edible oils, it sells flour, rice, pulses, sugar, soya nuggets and
instant food mixes. The company makes personal care products like soaps,
handwash and hand sanitizers under "Alife" brand. It makes industrial use
products comprising oleochemicals, castor oil and lecithin.
The company went public in January 2022 with an initial public offering, after
which Adani Enterprises and Wilmar International continued to hold a
combined 88% stake in Adani Wilmar.
AMG Media Networks
AMG Media Networks was incorporated in April 2022 as a wholly-owned

media and publishing subsidiary of Adani Enterprises.
In May 2022, AMG Media Networks announced the acquisition of a 49%

stake in Quintillion Business Media Ltd, which operates BQ Prime, for an
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undisclosed amount. Adani Enterprises had previously acquired an unspecified
minority stake in the company in March 2022. In August 2022, AMG Media
Networks announced the acquisition of a 29.18% stake in NDTV through its
subsidiary. In December 2022, it acquired an additional 8.27% stake via
a tender offer and 27.26% stake from the promoters Radhika Roy and Prannoy
Roy, to raise its total shareholding in NDTV to over 64%.
Kutch Copper
Kutch Copper is a wholly-owned subsidiary of Adani Enterprises which was

incorporated in March 2021 to manufacture copper cathodes, copper rods and
other copper products. In 2022, the company was reported to be setting up
a greenfield copper refinery complex at Mundra with 1 million tonnes per
annum (MTPA) capacity, expected to commence production in 2024.
Former Subsidiaries
Former subsidiaries Adani Ports & SEZ, Adani Power and Adani
Transmission were demerged from Adani Enterprises in 2015. Adani Green
Energy and Adani Gas were demerged in 2018.
Investments
In 2021, Adani Enterprises acquired a 20% stake in the online travel
company Clear trip. Adani Enterprises acquired a 49% stake in Maharashtra
Border Check Post Network, a subsidiary of the publicly-listed Sadbhav
Infrastructure Projects.
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ADANI GREEN ENERGY
Adani Green Energy Limited (AGEL) is an Indian renewable energy company
headquartered in Ahmedabad, Gujarat. It is owned by Indian
conglomerate Adani Group. The company operates Kamuthi Solar Power
Project, one of the largest solar photovoltaic plants in the world.
History
The company was incorporated on 23 January 2016, as Adani Green Energy

Limited under the Companies Act 2013.
During the initial days of existence, AGEL and Inox Wind together established
a 20 MW capacity wind power project in Lahori, Madhya Pradesh. Also,
AGEL bought Inox Wind's 50 MW wind power project at Dayapar village
in Kutch. The project was conceived by the latter when it won a Solar Energy
Corporation of India's capacity bids for wind power projects connected to
the National Grid.
In 2015–2016, Adani Renewable Energy Park Limited, a subsidiary of AGEL,

signed a joint venture agreement with the Government of Rajasthan.
In 2017, the company took the complete control of overall solar energy
portfolio of Adani Enterprises and got itself listed at National Stock Exchange
of India and Bombay Stock Exchange.
In 2022, Adani Green Energy Limited had a market cap of Rs. 3, 26,635.42
crore.
Operations
Currently, the company manages 5,290 MW of wind energy and solar power
plants including 46 operational projects in 11 states of India namely Uttar
Pradesh, Rajasthan, Punjab, Maharashtra, Gujarat, MadhyaPradesh, Chhattisga
rh, AndhraPradesh, Karnataka, TamilNadu, and Telangana. AGEL has a
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current project portfolio of ~5.29 GW and an operational capacity of ~2.36
GW.
As of 31 March 2019, AGEL has one joint venture and 39 subsidiaries.
In May 2020, AGEL won the world's largest solar bid worth $6 billion by
the Solar Energy Corporation of India (SECI). The bid entails AGEL building
an 8000 MW photovoltaic power plant.
In May 2021, AGEL confirmed its decision to buy SoftBank Group

Corp backed SB Energy Holdings Limited for $3.5 billion.
Green Bonds
In late 2019, AGEL became the first Indian company to offer investment-
grade US dollar green bonds worth US$362.5 million to foreign investors. The
bonds got listed on Singapore Exchange Securities Trading Limited (SGX-
ST) on 15 October 2019 and it will mature on the same date in 2039.
Acquisitions
In March 2018, upon acquisition of 49 percent equity shares of Kodangal Solar

Parks Private Limited, the latter became a joint venture of AGEL. In 2019,
AGEL acquired the rest 51 percent equity share as well.
In mid-2019, AGEL acquired Essel Group's solar power portfolio of 205MW

located in Punjab, Karnataka and Uttar Pradesh for US$185 million (approx.
₹1,300 crores). AGEL has also agreed to buy out the remaining 480MW solar
energy portfolio of the former which are under construction.
In early 2020, French energy company Total S.A. entered into a binding
agreement with AGEL for the investment of US$510 million to acquire a 20%
stake in the latter.
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ADANI POWER
Adani Power is an Indian power and energy company which is a part of Adani
Group. Based in Khodiyar in Ahmedabad, it is a private thermal power
producer, with a capacity of 12,450 MW and operates a mega solar plant of 40
MW at Naliya, Bitta, Kutch, and Gujarat.
Adani Godda Power is implementing a 1,600 MW plant at Jharkhand. The

company has signed long term power purchase agreements of about
9,153 MW with the government
of Gujarat, Maharashtra, Haryana, Rajasthan, Karnataka, and Punjab.
History
Adani Power was started as a power trading company in 1996.
 2009 – It started generation in July 2009 by RAM implementation of its first

330 MW of 4,620 MW at Mundra. This is the largest single location coal-
based power project in India.
 2010 – The company commissioned another three 330 MW by November 2010
and country's first supercritical unit of 660 MW on 22 December 2010, making
its capacity 1,980 MW.
 2011 – On 6 June 2011, it synchronised its second unit of 660 MW bringing the
total generating capacity to 2,640 MW and on 2 October 2011, it synchronised
its third super critical unit with national grid.
 2012 – In February 2012, it commissioned the last unit of Mundra Project to
take its capacity to 4,620 MW which made the Mundra TPP the largest
privately held thermal power plant in the world and fifth largest on an overall
basis, as of March 2012. This plant became the third-largest thermal power
plant in the world after its completion.
 2013 – In 2013, the company commissioned a 40 MW solar power project in
Kutch, Gujarat. This is the largest solar power project in the country and
marked the group's entry into the renewable energy sector.
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 2014 – On 3 April 2014, the company announced the commissioning of the
fourth unit of 660 MW at its power plant at Tiroda in Maharashtra, thus
emerging as the largest private power producer in India, with an overall
installed capacity of 9,280 MW. The fifth unit was commissioned later in
2014.
 2015 – The company announced the completion of acquisition of Udupi Power
Corporation Limited on 11 May 2015. With this, Adani Power has a total
commissioned capacity of 10,440 MW, making the company the largest
private power producer in India.
 2017 – In 2017, one of its units created a national record by continuously
operating for 600 days.
 2019 – In the fourth quarter ended on 31 March 2019, Adani Power reported a
consolidated net profit of ₹634.64 crores. In the same fiscal the previous year,
the company had reported a consolidated net loss of ₹653.25 crore.
Operations
Built by Adani
 Mundra Thermal Power Station: 4,620 MW (4 × 330 MW + 5 × 660 MW) coal-

based thermal power plants at Mundra, Kutch district, Gujarat.
 It operates first power transmission project of 400 kV Double Circuit
Transmission System from the Mundra plant to Dehgam (430 km).
 Kawai Thermal Power Station: 1,320 MW (2×660 MW) coal-based thermal
power plant at Kawai village, Baran district, Rajasthan. This plant is fully
functional.
 Tiroda Thermal Power Station: 3,300 MW (5×660 MW) coal-based thermal
power plant at Tirora, Gondia district, Maharashtra. It is Maharashtra's largest
coal-fired thermal power station.
 The company produces 40 MW of solar power in Bitta, Kutch Gujarat. This
power plant was commissioned in 2011 within 165 days.
25
Taken over by Adani
 Udupi Power Plant: 1,200 MW (2×600 MW) coal-based thermal power plant at
Padubidri, Udupi district, Karnataka.[33] Bo from Lanco Infratech in August
2014 for ₹ 6,000 crores.
 Raikheda Thermal Power Station: On 2 August 2019, the firm completed the
acquisition of GMR Chhattisgarh Energy Ltd. (GCEL) which owns and
operates a power plant in Raikheda village in Raipur. The acquisition was
concluded at an enterprise valuation of ₹ 3,530 crore. This addition has led to
an increase in APL's total capacity to 12,450 MW. With this, APL has become
the largest private sector thermal power producer.
 Avantha Korba West Power Station: The firm got approval from NCLT in 07-
Sep-2019 to takeover this plant.
 Adani Green House has rallied 29 percent after the announcement that the
company has commissioned a 75MW wind power project.
 On 19th Aug 2022 Adani power announced it will acquire DB Power Limited
(DBPL) from Dainik Bhaskar Group for around Rs 7,017 crore, the company
revealed in a regulatory filing.
Future Projects
As of January 2011, the company has 16,500 MW under implementation and

planning stage. Included are a 3,300 MW coal-based TPP at Bhadreswar in
Gujarat; a 2,640 MW TPP at Dahej, Gujarat; a 1,320 MW TPP at Chhindwara
in Madhya Pradesh; a 2,500 MW TPP at Anugul, Orissa; a 2,000 MW TPP at
Sambalpur, Orissa; and a 2,000 MW gas-based power project at Mundra,
Gujarat. The company is bidding for a 1,000 MW lignite coal-based power
plant in Kosovo.
In November 2017, Adani Power (Jharkhand) signed a long-term pact

with Bangladesh Power Development Board to supply electricity from its
upcoming 1,600 MW plant at Godda in Jharkhand.
As of 2019, the Adani Group is in talks with the rural electrification

Corporation (REC Limited) and Power Finance Corporation (PFC) to set up a
26
1600 MW Godda Power Project in Jharkhand at a cost of approximately Rs
14,000 crores.
Awards
The company has won many awards and recognition. In 2017, it was named
the Most Innovative Young Power Professional by IPPAI (Independent Power
Producers Association of India) at the 18th Regulators & Policymakers
Retreat. In 2017, CSR Works International with support of British Chamber of
Commerce and High Commission of Canada recognized the firm for best
sustainability reporting in Asia, in Singapore. In 2018, it received the
Recognition for Best Environment Management practices by Srishti
Publications.
27
ADANI TRANSMISSION
Adani Transmission Ltd is an electric power transmission company
headquartered in Ahmedabad. Currently, it is one of the largest private sector
power transmission companies operating in India. As of July 2020, the
company operates a cumulative network of 12,200 circuit kilometres, and
more than 3,200 circuit kilometres are under various stages of construction.
History
Adani Transmission was founded by Gautam Adani in December 2015 after

separating the decade-old transmission business from Adani Enterprises. At
the time of the founding, the company became the primary custodian for more
than 3800 circuit kilometres of transmission lines originating from the Mundra
Thermal Power Station, connecting Mundra–Dehgam, Mundra–Mohindergarh
and Tirora–Warora.
Mergers and Acquistions
In 2015, ATL acquired three wholly owned subsidiaries of PFC Consulting,

which itself is a subsidiary of Power Finance Corporation – the Chhattisgarh-
WR transmission line, Sipat transmission line connecting with Sipat Thermal
Power Station and Raipur-Rajnandgaon-Warora transmission line.
In 2016, ATL further acquired the GMR Group‘s transmission assets in the
state of Rajasthan — the Maru Transmission Services Ltd (MTSL) and
Aaravalli Transmission Services Ltd (ATSL).[9] In the same year, the company
also acquired Reliance Infrastructure's transmission assets of the Western
Region System Strengthening Scheme (WRSSS).
In December 2017, the company obtained a share purchase agreement (SPA)

for the acquisition of the Mumbai Generation Transmission & Distribution
(GTD) business from Reliance Infrastructure. In March 2018, the shareholders
of Reliance Infrastructure approved the sale of its power business for Rs.
18,800 crore to Adani Transmission Limited.
28
This resulted in the founding of Adani Mumbai Electricity Limited, a 100%
wholly owned subsidiary of ATL which currently serves more than 3 million
consumers across a license area of approximately 400 square kilometers in the
city of Mumbai.
In February 2019, ATL acquired KEC International's Bikaner-

Sikar transmission asset in Rajasthan. In September of the same year, the
company acquired PFC Consulting's Bikaner-Khetri transmission project in
Rajasthan.
In July 2020, the company signed definitive agreements with Kalpataru Power
Transmission (KPTL) for acquiring Alipurduar Transmission. adding 650
circuit kilometers in its network from the state of Bihar and West Bengal.
29
CHAPTER: 2
THEORETICAL
FRAMEWORK
30
2.1 INTRODUCTION
The Hindenburg Research report on the Adani Group, released in January

2023, is a critical analysis of the Indian conglomerate‘s financial and
operational practices. The report has sparked a heated debate about the
business practices of one of India‘s largest companies and raises serious
questions about the ethics and legality of Adani Group‘s operations. Adani
Group is a multinational conglomerate with interests in ports, logistics,
agribusiness, energy, real estate, and defence. With revenues of over $11
billion in the fiscal year 2021, the company is a major player in the Indian
business world. However, the Hindenburg report alleges that the company has
used unethical accounting practices to exceed its wealth and understate its
liabilities.
2.2 Detailed Analysis of the report
Hindenburg Research is a US-based research team that offers services in

forensic financial research, with a focus on equity, credit and derivatives
analysis. Their fundamental research often includes studying and reporting on
companies with accounting irregularities, unethical practices in
business/related-party transactions, bad management etc. Its primary method
for investment is said to be short-selling.
Note: Short selling basically involves borrowing an asset now in order to sell
it, only to buy it back at a lower price and then return the borrowed asset. The
view taken basically is a bearish one.
Usually they write reports on western companies such as Nikola, Genius

Brands, SC Worx etc. However, on 24th January, 2023 they wrote a report on
the Adani Group, claiming that the latter were pulling the ―largest con in
corporate history‖. They also revealed that they were holding a short position
on the Adani stocks, signalling their belief that the shares are overpriced and
will dip in value soon.
31
The Hindenburg report alleges that Adani Group has used aggressive and
unconventional accounting practices to inflate its profits and understate its
debt. The report claims that the company has booked large amounts of revenue
from subsidiaries and joint ventures, which are not consolidated in its financial
statements, and that this provides a misleading picture of the company‘s
financial health and profitability. In addition to these financial concerns, the
Hindenburg report also accuses Adani Group of engaging in insider trading
and tax evasion. The report cites documents obtained from Indian government
and regulatory agencies, which it claims support these allegations.
The report also criticizes Adani Group for its environmental practices,
accusing the company of engaging in large-scale deforestation, damaging
fragile ecosystems, and polluting groundwater and air. The report claims that
Adani Group has ignored the concerns of local communities and has not
followed environmental regulations. Adani Group has strongly denied the
allegations in the Hindenburg report, calling it ―baseless and defamatory.‖
The company has pointed out that it is fully compliant with all Indian laws and
regulations, and that it operates to the highest ethical and environmental
standards. It is important to note that Hindenburg Research is a short-selling
research firm, and its reports are often critical of the companies it covers. The
firm has a vested interest in Adani Group‘s stock price declining, as it has
shorted the stock. This means that the firm stands to benefit if the stock price
falls. As a result, the allegations in the report should be treated with some
caution, and it is important to seek independent verification of the claims
made.
2.3 Key points in the Hindenburg Research report on Adani
The following are some of the claims made by Hindenburg Research on Adani
Group –
1. Overvalued shares – The report cites data from FactSet and Hindenburg‘s own
analysis to claim that the Adani shares are highly overvalued by conventional
metrics such as P/E Ratio, Price/Sales ratio and EV/EBITDA.
32
Some of the extreme cases include the P/E Ratio of Adani Enterprises being 42
times the industry average and the Price/Sales ratio of Adani Total Gas being
139.3 times the industry average of 1.0x etc.
2. Debt-fuelled business – 5 out of the 7 key listed companies mentioned have

reported a current ratio of less than 1. This means that the total amount of
current assets is less than the total amount of current liabilities in those
companies. This is not a healthy financial practice as this means that the
companies are unlikely to have adequate assets to pay off their liabilities in the
short run.
3. Promoters pledging their stocks – This means that the promoters of the
company have taken on additional debt on the basis of the shares that they
own. As seen above, the share prices are claimed to be already high and so is
the debt – therefore, promoters pledging stocks to take on more debt is not a
healthy financial practice in such a context.
4. Doubts regarding the management team – The report claim that some
members of the management have a questionable past which includes
allegations of fraud, duty evasions, scams etc.
5. Excess promoter control of shares – It has been alleged that in addition to the
already high proportion of promoter holding in shares (close to 74% in
multiple cases), significant portions of the remaining public shares are also
controlled by shell companies that have ties with the Adani group. Many of
these companies have a large majority of their shares invested solely in firms
under the Adani Group. This may mean that in practical terms, those
companies may have worked their way around the SEBI mandate that
requires at least 25% of the shares of a listed company to be in public
shareholding. This exposes these companies to a high risk of being delisted.
6. Pumped up demand – The preceding point also hints at deliberate pumping of

the Adani stock prices through excessive buying pressure from companies that
seem to be biased towards (or perhaps connected with) the Adani Group itself.
33
It is claimed that the delivery volume of Adani stocks may have been high
because of possible wash trading (ie. buying/selling of a share by the same or
related entities to pump up the trading volume numbers). Rumours regarding
the involvement of the noted stock manipulator Ketan Parekh have also been
raised in the Hindenburg report.
7. Inadequate compliance – The report claims that one of the firms hired to
bookrun the Adani Green Energy has had past problems with the SEBI.
Moreover, one of the independent auditors hired to audit Adani Enterprise and
Adani Total gas seems to be too small a company and comprising
professionals too young to be able to handle the auditing of such a large array
of companies.
2.4 Various businesses of Adani Group reports raise allegation
According to the Hindenburg Research report, Adani Group‘s businesses in

various industries have been facing losses. Some of the businesses highlighted
in the report are:
1. Ports: The report claims that Adani‘s port business is facing intense
competition, which has led to declining profits.
2. Power: Hindenburg Research argues that Adani‘s power business is

struggling due to high levels of debt and low returns.
3. Real Estate: The report claims that Adani‘s real estate projects have been
slow to take off, leading to losses.
4. Agribusiness: Hindenburg Research argues that Adani‘s agribusiness

ventures have struggled due to mismanagement and poor performance.
5. Trading and Distribution: The report claims that Adani‘s trading and
distribution businesses are facing significant losses due to a lack of
competitiveness.
34
The Hindenburg Research report has been a source of controversy in the
financial and business communities, with Adani Group denying the claims
made in the report. Despite this, the report raises important questions about the
financial performance and business practices of the Adani Group.
In addition to the businesses highlighted in the report, Adani Group has a

presence in several other industries, including renewable energy,
infrastructure, logistics, and defence. The company is one of the largest
conglomerates in India and has been rapidly expanding its operations both
domestically and internationally. One of the main concerns raised by the
Hindenburg Research report is the issue of corporate governance at Adani
Group.
The report claims that the company is controlled by its founder, Gautam
Adani, to the detriment of minority shareholders. This is a common issue in
many large conglomerates, and it is important for companies to ensure that
their corporate governance practices are transparent and in line with best
practices. Another issue raised by the report is Adani‘s impact on the
environment.
The report claims that the company has a history of environmental violations
and that their proposed Carmichael coals mine in Australia is a major
environmental risk. Environmental sustainability is a growing concern for
companies around the world, and it is important for companies to take their
environmental responsibilities seriously.
Adani Group‘s response to the Report Adani Group has disputed the claims
made in the Hindenburg Research report and has taken legal action against the
research firm. The company has issued several statements in response to the
report, denying the allegations and defending its business practices.
35
Adani Group has emphasized its commitment to responsible business practices
and its record of delivering sustainable and socially responsible projects. The
company has stated that it is fully compliant with all applicable laws and
regulations and that it is committed to operating in an environmentally
responsible manner.
Adani has also argued that the Hindenburg Research report is based on false
and misleading information and that it is designed to damage the company‘s
reputation. The company has taken legal action against the research firm in an
effort to protect its reputation and to ensure that the public has accurate
information about its operations.
2.5 Adani Group’s response
Through a twitter post on 25th January, 2023, the Adani Group said that the
report is ―a malicious combination of selective misinformation and stale,
baseless and discredited allegations that have been tested and rejected by
India‘s highest courts‖. They questioned the timing of the post (in the context
of the Adani Enterprises FPO which came on 27th January 2023 and is the
biggest FPO in India ever).
Thereafter, it responded with a point-by-point rebuttal of the allegations made

by Hindenburg Research.
1. It denied any fraud or artificial pumping of prices.
2. Regarding the issue of over-leverage, it claimed that its companies are highly
rated and are subject to scrutiny and monitoring by the government anyway,
so there is not much scope for irregularities here – overall, promoter leverage
is less than 4% of promoter holdings.
3. Of its 9 publicly listed entities, 8 are audited by the Big 6, except Adani Total
Gas, which is also set to follow the same route in auditing.
36
There were several other points raised by the rebuttal report from the Adani
Group. However, they also mentioned that they will be looking at legal
avenues in order to take remedial and punitive measures against those who
casted these allegations on the Adani Group.
Hindenburg Research in turn mentioned that if legal actions do take place, they
too will demand the release of several important documents to the public and
judicial eye during the trial. In other words, when it comes to its Adani Report
Hindenburg has chosen to stand by it so far.
37
CHAPTER: 3
LITERATURE
REVIEW
38
1. September 2020-Nikola
Hindenburg had released a report titled ―Nikola: How to Parlay An Ocean of

Lies Into a Partnership With the Largest Auto OEM in America‖ that, with the
help of whistle-blowers and former employees, called out a vast array of
alleged lies and deceptions by Nikola in the years leading up to its proposed
partnership with General Motors.
Among dozens of other issues, Hindenburg pointed out that Nikola‘s ―In
Motion‖ promotional video for its Nikola One semi was nothing more than the
truck being rolled down a hill in the Utah desert, a claim the company later
admitted. Nikola Founder and Executive Chairman Trevor Milton promptly
resigned from the company, as mentioned on Hindenburg website.
The story had reportedly garnered attention from mainstream international

media, featured in the Wall Street Journal, Financial Times, CNN, Barron‘s
and CNBC, among others. Both the SEC and DOJ are reported to have
investigations into the company following the report.
2. June 2020-WINS Finance
Hindenburg wrote about WINS Finance, pointing out that a company

subsidiary in China was subject to a RMB 350 million asset freeze which had
not been disclosed to U.S. investors. Hindenburg also pointed out that WINS‘
parent, which owned 67.7% of WINS‘ equity, had already been declared
insolvent in China with no disclosure to U.S. investors.
About four months later, in October 2020, NASDAQ delisted

WINS specifically due to the undisclosed asset freeze Hindenburg identified.
39
3. June 2020-Genius Brands
Hindenburg wrote that Genius Brands, then trading at about $6.86 per share,
would soon become a $1.50 stock due to extreme retail euphoria and pending
dilution. By the end of July, just under two months later, shares were trading at
$1.50, a decline of almost 80%.
In 2021, Genius Brands was able to convince a federal judge in California to

dismiss a securities fraud lawsuit by a group of investors who allege the media
company marketed its stock using misleading statements.
4. May 2020-China Metal Resources Utilization
Hindenburg wrote about China Metal Resources Utilization, calling it a

―zombie company‖ with 100% downside. Hindenburg showed how the
company was under severe financial distress and identified numerous
accounting irregularities, including evidence of undisclosed related party
transactions.
Months after Hindenburg report, Ernst and Young withdrew as auditor after
refusing to issue an audit opinion upon identifying accounting issues and
undisclosed related party transactions. Shares fell more than 90%.
5. April 2020-SC Worx
Hindenburg wrote about SC Worx (NASDAQ:WORX), stating that the

company‘s announced COVID-19 testing deal looked to be ―completely
bogus‖. Hindenburg also raised questions about the CEO, who is a convicted
felon, and the track record of the company‘s claimed COVID-19 testing
partner, which was run by a convicted rapist. SC Worx was halted by the
40
SEC on the same day as Predictive Technologies in late April, as mentioned
on Hindenburg website.
6. March 2020-Predictive Technology Group
Hindenburg wrote on Predictive Technology Group (OTC: PRED), calling

into question the company‘s COVID-19 related press releases. The company
was halted by the SEC in late April 2020 for ―claims about COVID-19 tests‖
and now trades on the Grey Sheets. When Hindenburg first wrote about the
company less than a year earlier, it had a market cap of ~$1 billion. It has since
lost ~90% of its value.
7. March 2020- HF Foods
Hindenburg wrote about HF Foods (NASDAQ:HFFG), specifically calling out

the company‘s misallocation of shareholder capital and massive undisclosed
related party transactions, including a $509 million merger.
In May of 2020, HFFG took massive $338.2 million goodwill impairment,

resulting in a $339.9 million quarterly loss. The company had a market cap of
just ~$400 million at the time of the reported impairment and loss.
8. October 2019- Smile Direct Club
Hindenburg wrote an article warning customers of Smile Direct

Club‘s questionable business practices and warning investors that negative
press of the company could spread as a result of poor customer reviews,
lawsuits, various regulatory investigations and allegations of practicing
dentistry without proper licensing.
41
Following Hindenburg report, exposé were written by the Boston Globe, the
New York Times, and NBC News (complete with hidden camera footage and
customer testimonials) that supported red flags Hindenburg originally raised in
Hindenburg report.
9. September 2019-Bloom Energy
Hindenburg wrote an article detailing why it thought Bloom Energy

(NASDAQ:BE) had billions of dollars in undisclosed off-balance sheet
liabilities. Hindenburg specifically pointed out issues relating to the
company‘s accounting around its service agreements.
About 5 months after Hindenburg article, Bloom announced a massive

restatement of nearly four years of its financials due to ―material‖ accounting
errors relating to its service agreements involving every quarter since it went
public. Forbes published a corresponding expose on the company.
10. December 2018-Yangtze River Port & Logistics
Hindenburg wrote an article about Yangtze River Port & Logistics

(NASDAQ:YRIV), a $2 billion market cap China-based logistics company.
Hindenburg‘s investigation found that the company‘s key asset didn‘t appear
to exist, among other major anomalies.
The company went on to sue Hindenburg, alleging defamation, so Hindenburg

redoubled its efforts with numerous additional findings.
Multiple independent media outlets and a law firm corroborated their

reporting. The company was delisted from NASDAQ 6 months later, lost over
98% of its market cap, and now has a ―caveat emptor‖ warning on its OTC
ticker. The lawsuit against Hindenburg was subsequently dismissed.
42
CHAPTER: 4
RESEARCH
METHODOLOGY
43
RESEARCH is a ‗careful investigation or inquiry especially through search for
new facts in any branch of knowledge‘.
What is Research Methodology?
Research methodology is the specific procedures or techniques used to

identify, select, process, and analyse information about a topic. Research
methodology simply refers to the practical ―how‖ of any given piece of
research. More specifically, it‘s about how a researcher systematically designs
a study to ensure valid and reliable results that address the research aims and
objectives.
4.1 Objectives
 To know the impact of Hindenburg‘s article before and after release of

article.
 To know the effects on other companies after Hindenburg‘s article
release.
 Evaluating the accuracy and reliability of the information presented in
the article and the potential consequences of any inaccuracies.
4.2 Methodology
This study has systematically organized and analysed the data. Inferential
analysis is made to derive results in terms of the objectives of the study.
44
4.3 Scope of Study
 Examining the content of the article and its potential impact on the Adani
Group's reputation, investor sentiment, and financial performance.
 Analysing market data, such as stock prices and trading volumes, to determine
if there was a significant change in the Adani Group's valuation following the
publication of the article.
 Assessing any regulatory or legal action taken against the Adani Group in
response to the article, such as investigations by government agencies or
lawsuits filed by investors.
 Conducting surveys or focus groups to gauge public perception of the Adani
Group before and after the publication of the article.
 Comparing the Adani Group's performance and reputation with those of other
companies in the same industry to determine if the impact of the article was
unique to the Adani Group or a broader trend.
 It is important to note that the specific scope of the study may depend on the
research questions being asked and the data that is available for analysis.
4.4 Need of Study
 A study on the impact of Hindenburg's article on the Adani Group would be

beneficial in several ways. Firstly, it would help to understand the extent of the
impact that such reports can have on the reputation and stock prices of
companies. The study could analyse the changes in the Adani Group's stock
prices before and after the publication of the report, as well as any changes in
trading volume and market capitalization.
 Secondly, the study could examine the accuracy of the allegations made by
Hindenburg Research. It could analyse the Adani Group's financial statements
and business practices to determine whether the allegations made in the report
were accurate and supported by evidence.
 Finally, the study could examine the responses of the Adani Group and its
stakeholders to the report.
45
 It could analyse the statements made by the company in response to the
allegations and the reactions of investors, regulators, and other stakeholders.
 Overall, a study on the impact of Hindenburg's article on the Adani Group
would provide valuable insights into the effects of short-selling research
reports on companies and their stakeholders.
4.5 Sources of data
Secondary data
Secondary data were used in this study to explain the theoretical background
of the subject focused. The secondary data were collected from relevant
websites, reports.
4.6 Sampling Plan
4.6.1 Sampling Design
A month before and after the release of Hindenburg‘s article on Adani group.
4.6.2 Sampling Frame
5 companies of Adani group is the sampling frame.
4.6.3 Sampling Method
The stratified sampling method is used in the following report.
4.7 Research design
The design of the present study is descriptive type of conclusive one.
46
4.8 Limitations of the Study
 Limited scope: The study may only examine a narrow aspect of the impact of
Hindenburg's article on the Adani Group, such as stock prices or public
perception. It may not consider other factors that could also affect the Adani
Group's operations or reputation.
 Data availability: The study may face challenges in obtaining reliable and
comprehensive data on the Adani Group's financial performance or other
metrics before and after the publication of the article.
 Causation vs. correlation: The study may not be able to establish a clear causal
link between the publication of Hindenburg's article and any changes in the
Adani Group's performance or reputation. Other factors, such as global
economic conditions or regulatory changes, could also have contributed to any
observed changes.
 Bias: The study may be influenced by the researchers' own biases or interests,
potentially leading to selective data analysis or interpretation.
 Generalizability: The study may only examine the impact of Hindenburg's
article on the Adani Group, and its findings may not be generalizable to other
companies or industries.
47
CHAPTER: 5
DATA ANALYSIS
48
5.1. What is event study?
An event study, or event-history analysis, examines the impact of an event on

the financial performance of a security, such as company stock.
An event study employs statistical methods, using time as the dependent

variable and then looking for variables that explain the duration of an event or
the time until an event occurs. If the same type of statistical analysis is used to
analyze multiple events of the same type, a model can predict how stock prices
typically respond to a specific event.
5.1.1. How an event study works
An event study, also known as event-history analysis, employs statistical

methods, using time as the dependent variable and then looking for variables
that explain the duration of an event—or the time until an event occurs.
Event studies that use time in this way are often employed in the insurance
industry to estimate mortality and compute life tables. In business, these types
of studies may instead be used to forecast how much time is left before a piece
of equipment fails. Alternatively, they could be used to predict how long until
a company goes out of business.
5.1.2. Event Study Methodology
Theoretically, a stock price takes into account all available information and
expectations about the future. According to this theory, it is possible to analyze
the effect of a specific event on a company by looking at the associated impact
on the company's stock. The market model is the most common analysis used
for an event study. This methodology looks at the actual returns of a baseline
reference market and tracks the correlation of a company's stock with the
baseline.
The market model monitors the abnormal returns on the specific day of an
event, studying the stock's returns and comparing them to the normal or
average returns. The difference is the actual impact on the company.
49
This technique can be used over time, analysing consecutive days to
understand how an event affects a stock over time. An event study can reveal
greater market trends or patterns. If the same type of model is used to analyse
multiple events of the same type, it can predict how stock prices typically
respond to a specific event.
 Examine the impact of an event on financial markets

 Study the impact of public information disclosures (news or company
announcements) on asset returns
 It can be used as a test of market efficiency
Examples:
• Impact of a takeover on the acquiring firm‘s share price
• Impact of dividend announcements on a firms‘ share price
• Impact of financial crisis on exchange rates
5.1.3. How to measure the event‘s impact?
How can we be sure that the return on event day is due to this event and not
something else that also happened on the same day?
• Construct the counterfactual: what if this event had not occurred
Compare that ‗expected return‘ with the actual return
• Check if they are different
5.2. What is t-Test?
A t-test is an inferential statistic used to determine if there is a significant

difference between the means of two groups and how they are related.
50
T-tests are used when the data sets follow a normal distribution and have
unknown variances, like the data set recorded from flipping a coin 100 times.
The t-test is a test used for hypothesis testing in statistics and uses the t-
statistic, the t-distribution values, and the degrees of freedom to determine
statistical significance.
A t-test is an inferential statistic used to determine if there is a statistically

significant difference between the means of two variables. The t-test is a test
used for hypothesis testing in statistics. Calculating a t-test requires three
fundamental data values including the difference between the mean values
from each data set, the standard deviation of each group, and the number of
data values. T-tests can be dependent or independent.
5.2.1. t-Test Formula
Calculating a t-test requires three fundamental data values. They include the
difference between the mean values from each data set, or the mean difference,
the standard deviation of each group, and the number of data values of each
group.
This comparison helps to determine the effect of chance on the difference, and
whether the difference is outside that chance range. The t-test questions
whether the difference between the groups represents a true difference in the
study or merely a random difference.
The t-test produces two values as its output: t-value and degrees of freedom.
The t-value, or t-score, is a ratio of the difference between the mean of the two
sample sets and the variation that exists within the sample sets.
The numerator value is the difference between the mean of the two sample
sets. The denominator is the variation that exists within the sample sets and is
a measurement of the dispersion or variability.
This calculated t-value is then compared against a value obtained from a

critical value table called the T-distribution table. Higher values of the t-score
indicate that a large difference exists between the two sample sets. The smaller
the t-value, the more similarity exists between the two sample sets.
51
Two-sample T-Test with unequal variance
Two-sample T-Test with unequal variance can be applied when (1) the
samples are normally distributed, (2) the standard deviation of both
populations are unknown and assume to be unequal, and the (3) sample is
sufficiently large (over 30).
To compare the height of two male populations from the United States and
Sweden, a sample of 30 males from each country is randomly selected and the
measured heights are provided in Table 3.
Step 1
Hypothesis
Step 2
Method
As the population standard deviation is unknown, the data is assumed to be

normally distributed and the sample size is large enough, the two-sample T-
Test can be applied to analyze the data.
52
Equation
[Any statistical software, including MS excel can perform the two-sample T-

Tests. Therefore, the equation is only for reference only. Analysis output will
be produced using software.]
MS Excel can be used for performing a two-sample T-Test.
Step 3
Results
Two Sample T-Test Equal Variance Analysis Results Using MS Excel
53
Statistical Interpretation of the Results
We reject the null hypothesis because the p-value (0.0127) is smaller than the
level of significance (0.05). [p-value is the observed probability of the null
hypothesis to happen, which is calculated from the sample data using an
appropriate method, two-sample T-Test for equal variance in this case]
Step 4
Contextual Conclusion
Statistically, US male and Swedish male populations are significantly different

with respect to the height. [Rewrite the accepted hypothesis for an eighth
grader without using the statistical jargon such as the p-value, level of
significance, etc.]
The next question would be then who is taller or shorter. Both the sample and
the population data show that the Swedish male population is taller than the
US male population. However, the alternative hypothesis was written as ―Not
Equal.‖ Therefore, to test that the Swedish male population is taller than the
US male population or the US male population is shorter than the Swedish
male population. The hypothesis is written as below.
54
ADANI PORTS
RETURN= Current
Price/Previous Abnormal
Date Price Price-1 Return
02/24/2023 558.9 0.012775211 0.019974
02/23/2023 551.85 0.008682142 0.015881
02/22/2023 547.1 -0.061899863 -0.0547
02/21/2023 583.2 0.006037606 0.013237
02/20/2023 579.7 0.001814568 0.009014
02/17/2023 578.65 0.002512128 0.009711
02/16/2023 577.2 0.014322116 0.021521
02/15/2023 569.05 0.006989913 0.014189
02/14/2023 565.1 0.020588766 0.027788
02/13/2023 553.7 -0.05180238 -0.0446
02-10-2023 583.95 0.002833591 0.010033
02-09-2023 582.3 -0.028285357 -0.02109
02-08-2023 599.25 0.083340866 0.09054
02-07-2023 553.15 0.014116784 0.021316
02-06-2023 545.45 0.093414854 0.100614
02-03-2023 498.85 0.078711212 0.08591
02-02-2023 462.45 -0.066040594 -0.05884
02-01-2023 495.15 -0.191789766 -0.18459
01/31/2023 612.65 0.026214405 0.033414
01/30/2023 597 8.37591E-05 0.007283
01/27/2023 596.95 -0.162939073 -0.15574
01/25/2023 713.15 -0.063124015 -0.05592
01/24/2023 761.2 -0.010207399 -0.00301
01/23/2023 769.05 -0.00697269 0.000226
01/20/2023 774.45 -0.002061723 0.005137
01/19/2023 776.05 -0.013286713 -0.00609
01/18/2023 786.5 0.00223001 0.009429
01/17/2023 784.75 -0.002922305 0.004277
01/16/2023 787.05 -0.009563959 -0.00236
01/13/2023 794.65 0.002143893 0.009343
01-12-2023 792.95 -0.004394501 0.002805
01-11-2023 796.45 6.27825E-05 0.007262
01-10-2023 796.4 -0.024796424 -0.0176
01-09-2023 816.65 0.013087706 0.020287
01-06-2023 806.1 -0.016471449 -0.00927
01-05-2023 819.6 0.011851852 0.019051
01-04-2023 810 -0.012736913 -0.00554
01-03-2023 820.45 -0.002249787 0.004949
55
01-02-2023 822.3 0.005133847 0.012333
12/30/2022 818.1 -0.001769264 0.00543
12/29/2022 819.55 0.011353119 0.018552
12/28/2022 810.35 -0.008321606 -0.00112
12/27/2022 817.15 0.013770858 0.02097
12/26/2022 806.05
EXPECTED
RETURN= -0.007199158
Abnormal Return= (Return - Expected Return)

Expected Return= (Current Price/Previous Price-1)
Hypothesis:
H0: There is no significant difference between the Abnormal return & Return.
H1: There is a significant difference between the Abnormal return & Return.
Significant Level: 0.05

If p>0.05, We accept the null hypothesis
Else, We reject the null hypothesis
t-Test: Two-Sample Assuming Unequal Variances
0.01278 0.01997
Mean -0.00767 -0.00048
Variance 0.002496 0.002496
Observations 42 42
Hypothesized Mean Difference 0
df 82
t Stat -0.66037
P(T<=t) one-tail 0.255432
t Critical one-tail 1.663649
P(T<=t) two-tail 0.510864
t Critical two-tail 1.989319
56
INTERPRETATION
The data provided includes the means, variances, and number of observations for both
groups, as well as the hypothesized mean difference and degrees of freedom.
The p-value for a one-tailed test is 0.255432, and for a two-tailed test is 0.510864.
The t-critical value for a one-tailed test with 82 degrees of freedom and a significance level of
0.05 is 1.663649, and for a two-tailed test is 1.989319.
Based on the p-values and t-critical values, we fail to reject the null hypothesis that the two
population means are equal.
57
ADANI ENTERPRISE
RETURN=
Current
02/24/2023 1,315.65 -0.04846 -0.02816

02/23/2023 1,382.65 -0.0158 0.004494
02/22/2023 1,404.85 -0.10582 -0.08552
02/21/2023 1,571.10 -0.03105 -0.01076
02/20/2023 1,621.45 -0.05877 -0.03848
02/17/2023 1,722.70 -0.04113 -0.02084
02/16/2023 1,796.60 0.009836 0.030133
02/15/2023 1,779.10 0.016803 0.037099
02/14/2023 1,749.70 0.018659 0.038955
02/13/2023 1,717.65 -0.07001 -0.04971
02-10-2023 1,846.95 -0.04089 -0.0206
02-09-2023 1,925.70 -0.11022 -0.08993
02-08-2023 2,164.25 0.200394 0.22069
02-07-2023 1,802.95 0.146404 0.1667
02-06-2023 1,572.70 -0.00889 0.01141
02-03-2023 1,586.80 0.013768 0.034064
02-02-2023 1,565.25 -0.26698 -0.24669
02-01-2023 2,135.35 -0.28197 -0.26167
01/31/2023 2,973.90 0.028017 0.048313
01/30/2023 2,892.85 0.047584 0.06788
01/27/2023 2,761.45 -0.18516 -0.16486
01/25/2023 3,388.95 -0.01541 0.004884
01/24/2023 3,442.00 0.001644 0.02194
01/23/2023 3,436.35 -0.00573 0.014567
01/20/2023 3,456.15 -0.00214 0.01816
01/19/2023 3,463.55 -0.03702 -0.01672
01/18/2023 3,596.70 -0.01172 0.008577
01/17/2023 3,639.35 0.005401 0.025697
01/16/2023 3,619.80 -0.02724 -0.00694
01/13/2023 3,721.15 0.020276 0.040572
01-12-2023 3,647.20 0.003135 0.023432
01-11-2023 3,635.80 -0.00304 0.017252
01-10-2023 3,646.90 -0.05406 -0.03376
01-09-2023 3,855.30 0.008119 0.028415
01-06-2023 3,824.25 -0.00145 0.018847
01-05-2023 3,829.80 0.000719 0.021015
58
01-04-2023 3,827.05 -0.00102 0.019278
01-03-2023 3,830.95 -0.00267 0.017628
01-02-2023 3,841.20 -0.00444 0.015851
12/30/2022 3,858.35 0.012531 0.032827
12/29/2022 3,810.60 0.003397 0.023693
12/28/2022 3,797.70 0.007441 0.027737
12/27/2022 3,769.65 0.014233 0.034529
12/26/2022 3,716.75
Expected
Return= -0.0203

Hypothesis:

t-Test: Two-Sample Assuming Unequal

Variances
-0.04846 -0.02816
Mean -0.01963 0.000671
Variance 0.006762 0.006762
Observations 42 42
df 82
t Stat -1.13106
59
INTERPRETATION
Based on the p-values and t-critical values, we fail to reject the null hypothesis that the two
60
ADANI GREEN ENERGY
RETURN=
Current
02/24/2023 486.5 -0.04999 -0.02058

02/23/2023 512.1 -0.05 -0.02059
02/22/2023 539.05 -0.04996 -0.02056
02/21/2023 567.4 -0.04998 -0.02057
02/20/2023 597.25 -0.04995 -0.02054
02/17/2023 628.65 0.020039 0.049444
02/16/2023 616.3 -0.00757 0.021837
02/15/2023 621 -0.04995 -0.02054
02/14/2023 653.65 -0.05 -0.02059
02/13/2023 688.05 -0.04998 -0.02058
02-10-2023 724.25 -0.04998 -0.02057
02-09-2023 762.35 -0.04997 -0.02057
02-08-2023 802.45 -0.04996 -0.02056
02-07-2023 844.65 -0.04999 -0.02059
02-06-2023 889.1 -0.05001 -0.0206
02-03-2023 935.9 -0.09997 -0.07056
02-02-2023 1,039.85 -0.09997 -0.07056
02-01-2023 1,155.35 -0.05601 -0.0266
01/31/2023 1,223.90 0.029352 0.058758
01/30/2023 1,189.00 -0.2 -0.17059
01/27/2023 1,486.25 -0.19999 -0.17059
01/25/2023 1,857.80 -0.03078 -0.00138
01/24/2023 1,916.80 -0.00779 0.021615
01/23/2023 1,931.85 -0.02215 0.00726
01/20/2023 1,975.60 0.010899 0.040304
01/19/2023 1,954.30 -0.06801 -0.0386
01/18/2023 2,096.90 -0.03197 -0.00256
01/17/2023 2,166.15 0.036535 0.06594
01/16/2023 2,089.80 0.090909 0.120314
01/13/2023 1,915.65 0.013652 0.043057
01-12-2023 1,889.85 0.006766 0.036171
01-11-2023 1,877.15 -0.00952 0.019881
01-10-2023 1,895.20 0.001983 0.031388
01-09-2023 1,891.45 0.028941 0.058346
01-06-2023 1,838.25 -0.01169 0.017712
01-05-2023 1,860.00 -0.00027 0.029137
01-04-2023 1,860.50 -0.01714 0.012263
61
01-03-2023 1,892.95 0.00225 0.031656
01-02-2023 1,888.70 -0.02231 0.007095
12/30/2022 1,931.80 0.011281 0.040687
12/29/2022 1,910.25 0.006534 0.035939
12/28/2022 1,897.85 -0.00568 0.023721
12/27/2022 1,908.70 0.01697 0.046375
12/26/2022 1,876.85
EXPECTED
RETURN= -0.02941

Hypothesis:

t-Test: Two-Sample Assuming Unequal Variances
-0.04999 -0.02058
Mean -0.02892 0.00049
Variance 0.002896 0.002896
Observations 42 42
df 82
t Stat -2.50386
62
INTERPRETATION
Based on the p-values and t-critical values, we reject the null hypothesis that the two
63
ADANI POWER
RETURN=
Current
02/24/2023 146.65 -0.04989 -0.036

02/23/2023 154.35 -0.04986 -0.03598
02/22/2023 162.45 -0.05 -0.03612
02/21/2023 171 0.049724 0.063606
02/20/2023 162.9 0.049952 0.063834
02/17/2023 155.15 0.049729 0.063612
02/16/2023 147.8 0.049716 0.063598
02/15/2023 140.8 -0.04993 -0.03605
02/14/2023 148.2 -0.05 -0.03612
02/13/2023 156 -0.04994 -0.03606
02-10-2023 164.2 -0.04977 -0.03589
02-09-2023 172.8 -0.05003 -0.03615
02-08-2023 181.9 0.049928 0.06381
02-07-2023 173.25 -0.0499 -0.03602
02-06-2023 182.35 -0.05001 -0.03613
02-03-2023 191.95 -0.04999 -0.03611
02-02-2023 202.05 -0.04985 -0.03596
02-01-2023 212.65 -0.04982 -0.03594
01/31/2023 223.8 -0.04988 -0.036
01/30/2023 235.55 -0.05001 -0.03613
01/27/2023 247.95 -0.05 -0.03612
01/25/2023 261 -0.0497 -0.03582
01/24/2023 274.65 0.005307 0.01919
01/23/2023 273.2 -0.00673 0.007156
01/20/2023 275.05 -0.00901 0.004875
01/19/2023 277.55 -0.00413 0.009756
01/18/2023 278.7 -0.01153 0.002356
01/17/2023 281.95 0.032973 0.046856
01/16/2023 272.95 -0.02063 -0.00675
01/13/2023 278.7 0.018454 0.032337
01-12-2023 273.65 -0.00923 0.00465
01-11-2023 276.2 -0.01074 0.003137
01-10-2023 279.2 -0.02954 -0.01566
01-09-2023 287.7 0.015173 0.029055
01-06-2023 283.4 -0.01853 -0.00465
01-05-2023 288.75 0.007502 0.021384
01-04-2023 286.6 -0.02765 -0.01377
64
01-03-2023 294.75 -0.0114 0.002479
01-02-2023 298.15 -0.00467 0.009209
12/30/2022 299.55 -0.01626 -0.00237
12/29/2022 304.5 0.003295 0.017177
12/28/2022 303.5 0.049991 0.063874
12/27/2022 289.05 0.049946 0.063828
12/26/2022 275.3
EXPECTED
RETURN= -0.01388

Hypothesis:


Variances
-0.04989 -0.036
Mean -0.01303 0.000857
Variance 0.001346 0.001346
Observations 42 42
df 82
t Stat -1.73386
65
INTERPRETATION
Based on the p-values and t-critical values, we can reject the null hypothesis that the two
population means are equal at a one-tailed significance level of 0.05. However, at a two-
tailed significance level of 0.05, we do not have sufficient evidence to conclude that there is a
significant difference between the means of the two groups.
66
ADANI TRANSMISSION
RETURN=
Current
02/24/2023 712.3 -0.04995 -0.02288

02/23/2023 749.75 -0.04999 -0.02292
02/22/2023 789.2 -0.04996 -0.02289
02/21/2023 830.7 -0.04998 -0.02291
02/20/2023 874.4 -0.04998 -0.02291
02/17/2023 920.4 -0.04971 -0.02265
02/16/2023 968.55 -0.04806 -0.021
02/15/2023 1,017.45 -0.05 -0.02293
02/14/2023 1,071.00 -0.04998 -0.02292
02/13/2023 1,127.35 -0.04997 -0.02291
02-10-2023 1,186.65 -0.05 -0.02293
02-09-2023 1,249.10 -0.04997 -0.0229
02-08-2023 1,314.80 0.049992 0.077057
02-07-2023 1,252.20 -0.00338 0.023682
02-06-2023 1,256.45 -0.1 -0.07293
02-03-2023 1,396.05 -0.09999 -0.07293
02-02-2023 1,551.15 -0.1 -0.07293
02-01-2023 1,723.50 -0.02847 -0.0014
01/31/2023 1,774.00 0.03852 0.065585
01/30/2023 1,708.20 -0.15192 -0.12486
01/27/2023 2,014.20 -0.2 -0.17293
01/25/2023 2,517.75 -0.08848 -0.06142
01/24/2023 2,762.15 -0.00788 0.019181
01/23/2023 2,784.10 0.016856 0.043921
01/20/2023 2,737.95 0.001408 0.028473
01/19/2023 2,734.10 0.008614 0.035679
01/18/2023 2,710.75 -0.00525 0.021817
01/17/2023 2,725.05 0.00812 0.035185
01/16/2023 2,703.10 0.005225 0.03229
01/13/2023 2,689.05 0.02479 0.051855
01-12-2023 2,624.00 0.01495 0.042015
01-11-2023 2,585.35 -0.02513 0.001933
01-10-2023 2,652.00 0.014343 0.041408
01-09-2023 2,614.50 0.036123 0.063188
01-06-2023 2,523.35 -0.01206 0.015006
01-05-2023 2,554.15 0.016496 0.043561
01-04-2023 2,512.70 -0.02478 0.002284
67
01-03-2023 2,576.55 0.01061 0.037675
01-02-2023 2,549.50 -0.01535 0.011713
12/30/2022 2,589.25 -0.03006 -0.003
12/29/2022 2,669.50 0.040964 0.068029
12/28/2022 2,564.45 0.025042 0.052107
12/27/2022 2,501.80 0.014456 0.041521
12/26/2022 2,466.15
EXPECTED
RETURN= -0.02707

Hypothesis:


Variances
-0.04995 -0.02288
Mean -0.02652 0.000545
Variance 0.002726 0.002726
Observations 42 42
df 82
t Stat -2.3756
68
INTERPRETATION
Based on the p-values and t-critical values, we reject the null hypothesis that the two
69
CHAPTER: 6
FINDINGS
&
CONCLUSION
70
FINDINGS
Some possible findings of an impact study related to an article on the Adani
Group could include:
 Negative impacts on the Adani Group's stock price and market

capitalization, particularly if the article contains serious allegations of
misconduct or illegal activities.
 Negative impacts on the Adani Group's reputation and brand image,
which could affect consumer trust and loyalty.
 Possible negative impacts on the Adani Group's relationships with key
stakeholders, such as suppliers, customers, and employees.
 Potential legal and regulatory implications if the allegations made in
the article are found to be true.
 Opportunities for the Adani Group to improve its transparency and
communication with stakeholders, particularly if the article highlights
deficiencies in these areas.
 The need for the Adani Group to take corrective action to address any
issues raised in the article, such as improving governance practices or
addressing environmental concerns.
Again, the specific findings of an impact study would depend on the specific
article in question and its content.
71
CONCLUSION
In conclusion, the Hindenburg report on Adani Group raises serious concerns
about the company‘s financial and operational practices, as well as its
environmental impact. While Adani Group has strongly denied the allegations,
it is important for investors and regulators to take these concerns seriously and
to undertake a thorough investigation of the claims made in the report. The
report‘s release is a reminder of the need for increased transparency and
accountability in the business world and the importance of ensuring that
companies operate ethically and sustainably.
72
BIBLIOGRAPHY
https://en.wikipedia.org/wiki/Adani_Ports_%26_SEZ
https://en.wikipedia.org/wiki/Adani_Enterprises
https://en.wikipedia.org/wiki/Adani_Green_Energy
https://en.wikipedia.org/wiki/Adani_Power
https://en.wikipedia.org/wiki/Adani_Transmission
https://www.indiatimes.com/worth/news/hindenburg-history-of-allegations-
against-companies-591988.html
https://www.theopeneducator.com/doe/hypothesis-Testing-Inferential-
Statistics-Analysis-of-Variance-ANOVA/Two-Sample-T-Test-Unequal-
Variance
https://taxguru.in/finance/complete-analysis-hindenburgs-report-adani-
group.html
https://www.angelone.in/blog/hindenburg-report-on-adani-heres-what-you-
need-to-know
https://www.investing.com/equities/adani-transmission-ltd
https://www.investing.com/equities/adani-power
https://www.investing.com/equities/adani-green-energy
https://www.investing.com/equities/adani-enterprises
https://www.investing.com/equities/mundra-port-special-eco.-zone
73
74

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A

Project Study Report on

“Impact of Hindenburg’s article on selected companies

Submitted towards the partial fulfilment on the requirement of

MBA (Full-Time) Programme

Motani Shifani Naushadbhai

UNDER THE GUIDANCE OF

(Dr. Janki Mistry)

G. H. Bhakta Management Academy

DEPARTMENT OF BUSINESS AND INDUSTRIAL MANAGEMENT

VEER NARMAD SOUTH GUJARAT UNIVERSITY

I further declare that, to the best of my knowledge, no part of this report is

Department of Business and Industrial Management

Veer Narmad South Gujarat University, Surat .

Veer Narmad South Gujarat University,

This is to certify that the project study report title Impact of

Prof. (DR). JANKI MISTRY

Department of Business and Industrial Management

Veer Narmad South Gujarat University

Surat – 395007, Gujarat, India

Prof. & HOD

DR. Manish Sidhpuria

Department of Business and Industrial Management

Veer Narmad South Gujarat University,

Surat – 395007, Gujarat,India.

I would like to express my sincere gratitude to several individuals for

Thank you for all your encouragement!

It is one of the largest groups of companies in India which specialises in

Sr.no Particulars Page

It is one of the largest groups of companies in India which specialises in infrastructure

2. Adani Ports and SEZ

3. Adani Green Energy

6. Adani Total Gas

As of 2017, APSEZ operated 3 inland container depots (ICD) through its

APSEZ has undertaken mangrove afforestation activities totalling 2885 Ha (as

In August 2017, a Morgan Stanley analysis described APSEZ as "stacking up

In September 2022, Adani Ports secured a US$3.1 billion deep-sea port

Ports and Terminals

The company commenced operations at Mundra Port and currently operates 10

Mundra Port is a deep-water, all-weather, berthing on arrival port in the Gulf

Krishnapatnam Port Company Limited (KPCL) is a multi-cargo facility port

The Hazira Port is a deep-water port located in the Gulf of

Dhamra Port, Bhadrak, Odisha is a deep-water, all-weather, multi-user, a

The Dahej Port is a deep-water, multi-cargo port in the Gulf

APSEZ formerly owned a coal terminal in the Visakhapatnam Port. In 2022,

Mormugao Terminal is a one-berth terminal located on the south-west coast of

Ennore Terminal is a container terminal located in the northern suburbs of

Awards and Recognitions

In 2019, the organisation won an 'Honorary Special Mention' award at the

Through its various subsidiaries, Adani Enterprises is involved in edible

Notable subsidiaries and jointly-controlled companies of Adani Enterprises

Adani Agri Fresh

Adani Agri Fresh is involved in procurement, packaging, logistics and

Chhatrapati Shivaji Maharaj International Airport in Mumbai

Adani Airport Holdings is the airport management and operations subsidiary.

The company has a 50-year lease

Adani Cement or Adani Cement Industries Limited (ACIL) is a cement

Adani Defence & Aerospace

It is a defence manufacturing arm of the company. It manufactures with armed

In September 2020, Adani acquired a 51 percent stake in PLR Systems Private

Adani Digital Labs

Adani Digital Labs was incorporated in September 2021 as a wholly-owned

Carmichael coal mine in Australia.

In 2020, Adani Australia, the controversial Australian mining arm of Adani