New Delhi, November 13, 2025
The ghost of 2023's market meltdown returned to haunt India's corridors of power on Thursday as Hindenburg Research unleashed "Hindenburg 2.0"—a scathing 106-page dossier accusing the Adani Group of "sophisticated offshore laundering" and "regulatory capture" through a web of Mauritius-based shell entities and undisclosed ties to global investors. The bombshell report, dropped just hours before a raucous Winter Session opener, propelled Congress leader Rahul Gandhi into the Lok Sabha's well, where he led a phalanx of opposition MPs in a thunderous demand for a Joint Parliamentary Committee (JPC) probe, branding Gautam Adani's conglomerate an "untouchable empire built on cronyism and SEBI's blind eye." The standoff, erupting amid chants of "JPC abhi, Adani bahar," forced two adjournments and cast a pall over the session's legislative agenda, reviving the bitter aftertaste of the original Hindenburg takedown that had vaporized $150 billion in Adani market cap.
Hindenburg's sequel, titled "Adani's Hidden Empire: Offshore Shadows and Regulatory Charade," builds on its 2023 exposé—later partially cleared by SEBI in September—alleging that Adani entities funneled $5 billion through opaque Mauritius funds between 2020 and 2024, evading disclosure norms while cozying up to foreign sovereign wealth vehicles for airport and port bids. The report cites "leaked transaction logs" and whistleblower accounts to claim "brazen violations" of FEMA and SEBI listing rules, spotlighting a "pay-to-play" nexus with regulators that allegedly greased $2 billion in green energy contracts. "This isn't oversight; it's orchestration. Adani's fortress of favoritism demands a JPC demolition," Gandhi roared from the floor, waving printouts as BJP benches erupted in protests, with Speaker Om Birla suspending proceedings till 2 p.m.
The din echoed the original January 2023 report's chaos, which cratered Adani stocks by 70% and prompted global scrutiny, only for SEBI's year-long probe to exonerate the group of stock manipulation in September, deeming allegations "unsubstantiated" sans evidence of fund routing via related parties. Adani Enterprises shares, which had clawed back to pre-crash highs post-clearance, plunged 8% Thursday to Rs 2,450, dragging the Nifty 50 down 1.2% and erasing Rs 50,000 crore in group valuation. Gautam Adani, addressing a hurried Mumbai presser, dismissed the missive as "recycled fiction from short-sellers nursing grudges," vowing "full transparency" via an independent audit while slamming Hindenburg as a "foreign meddler weaponizing narratives." His retort echoed October's reflections on the first report's "$100 billion false script," underscoring a group's resilience that saw it rebound via $2.8 billion rights issues in November.
Congress's charge, amplified by allies like TMC and DMK, frames the JPC call as a "democratic detox" against "Modi-Adani collusion," with Gandhi invoking the 2G and coal scams' precedents. "SEBI's whitewash was a joke—now Hindenburg 2.0 exposes the rot. Why fear a JPC if truth prevails?" he tweeted mid-adjournment, racking 1.2 million views. Party chief Mallikarjun Kharge followed with a letter to PM Modi, urging an all-party panel with subpoena powers to dissect offshore deals, SEBI's "inertia," and Adani's $200 billion empire spanning ports, power, and airports. Opposition floor leader Adhir Ranjan Chowdhury piled on: "This is Parliament's Waterloo—Adani's waterloo. No more adjournments; convene the JPC or face daily disruptions."
BJP counterpunches were swift and sharp. Union Finance Minister Nirmala Sitharaman, rising post-recess, accused the opposition of "short-seller stooges" peddling "economic treason," defending SEBI's "rigorous" September verdict that found "no evidence of impropriety." Party spokesperson Sambit Patra blasted Gandhi as "Hindenburg's Hindi hawker," claiming the report's timing—mere days after Adani's Sri Lankan port win—reeked of sabotage amid India's G20 presidency push. Treasury benches thumped desks as Patra quipped: "Congress cries wolf when markets roar—let SEBI finish, not your filibuster."
Market ripples extended beyond Dalal Street: Adani Green Energy bonds wobbled 2%, while global peers like BlackRock distanced from rumored stakes. Analysts at Kotak Institutional Equities pegged a "prolonged overhang" unless a swift rebuttal or probe quells nerves, with potential $20-30 billion in FPI pullouts if JPC talks gain traction. Hindenburg's founder, Nathan Anderson, teased via X: "Truth doesn't fear scrutiny—does Adani?"
As the House limped toward Question Hour, the JPC din drowned debates on farm laws and inflation. With Winter Session's 19 sitting days ticking, this Adani encore isn't sidebar—it's showdown, pitting probe hawks against cronyism charges in a Parliament where business and benches collide. For Gandhi, it's redemption arc; for Adani, resilience test. In Delhi's dust-choked air, one truth prevails: In India's power plays, no empire is immune.
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