Speaking at the Whistling Woods International Institute on Friday, Adani Group Chairman Gautam Adani shared how a “false story” once shook his empire, erasing $100 billion of market value within days. He said this showed how quickly false narratives can spread and influence public perception.
Adani said that in January 2023, the US-based short seller Hindenburg Research launched what he called a “calculated attack” against his group. The report accused Adani companies of stock manipulation and accounting fraud.
“It was not just a report, but a manipulated script designed to provoke doubt,” he said. Within days, Adani Group companies saw their shares crash, wiping out over $100 billion in market value – even though, he added, “no fundamentals had changed, and no facts had failed.”
Adani described the incident as a lesson on the growing power of storytelling in today’s world. “Narratives are no longer limited to cinema,” he said. “They move markets, shape geopolitics, and even rewrite destinies.” He warned that false stories, when amplified globally, can destroy years of hard work in just a few headlines.
After SEBI clean chit, Adani says group has ‘reclaimed the narrative’
Adani’s comments come after the Securities and Exchange Board of India (SEBI) cleared the group of any wrongdoing. The regulator said inter-company transactions were not fraudulent and there was no diversion of funds.
“All the money had been returned with interest before the start of the investigation and these transactions have not been held to be related party transactions,” he said.
Reflecting on the experience, Adani said he learned that silence can be dangerous. “In today’s world, truth must also be loudly told. Silence leaves space for others to script your destiny,” he said, stressing the importance of owning one’s story.
From cinema to self-discovery
Adani also spoke about his personal journey, saying that movies like Don and Zanjeer inspired the dreamer within him. “One of the world’s greatest storytellers helped me trace my own story, not through balance sheets or boardrooms, but through the reels of my memory,” he said.
Adani urged India to take charge of its global image through cinema, storytelling, and technology. “If we do not narrate who we are, others will rewrite who we were,” he said. Citing films like Gandhi and Slumdog Millionaire, he pointed out that India’s stories have often been told through Western perspectives.
“Silence is not humility; it is surrender,” he said, calling on Indians to define their own identity on the global stage.