Hindenburg Research is a financial research firm that specializes in investigating publicly traded companies and uncovering any potential fraud or other financial irregularities Hindenburg Research's report on Adani Group was a detailed investigation into the company's financials and operations, and included a number of specific allegations. Main allegations in the report 1 Adani had inflated its revenues by booking revenue from transactions that never actually happened. According to the report, Adani had been reporting revenue from coal sales that were never delivered or were sold at prices that were significantly below market value. 2 Adani had overstated its profits by failing to disclose costs associated with its operations. The report alleged that Adani had not included costs such as employee salaries, taxes, and other expenses in its financial statements, which artificially inflated the company's profits. 3 Adani had overstated the value of its assets by failing to
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