Hindenburg Research was founded in 2017 by Nate Anderson, it is a forensic financial research firm which analyses equity, credit and derivatives. It has a track-record of finding corporate wrongdoings and placing bets against the companies. The Hindenburg Research published a report on the Adani Group in January 2023 which alleged that the Adani group is engaging in stock manipulation, improperly usage of tax havens and flagged concerns about high debt levels at the company.
