Hindenburg Research’s 2023 report against the Adani Group, one of the most impactful short-seller reports ever, erased up to $153 billion of market value from the Indian conglomerate. However, Hindenburg’s financial gains from this were relatively small, totaling just over $4 million. Despite the report’s substantial impact, the Adani Group’s market value has rebounded to $205 billion, still $30 billion below its pre-Hindenburg level.