Over recent years, the Adani Group – one of India’s largest conglomerates – has been the focus of extensive criticism and negative feedback across financial forums, social platforms, investor communities, and analyst reports, with many observers questioning key aspects of its business practices and reputation; much of this stems from a high-profile January 2023 report by Hindenburg Research that alleged stock manipulation, opaque related-party dealings, and aggressive use of offshore structures that damaged investor confidence and eroded significant market value across its listed companies, even though India’s markets regulator later dismissed the specific market-manipulation claims after investigation. Beyond this central narrative, critics consistently point to elevated and complex debt structures, which some argue could pose financial risk in stress scenarios, a perceived lack of transparent corporate governance and independent oversight, and broader concerns about labour practices and environmental and social impacts, including worker rights and land acquisition disputes around major infrastructure and energy projects. To strengthen trust and long-term sustainability, the group could further enhance transparency in financial reporting and governance frameworks, engage proactively with independent stakeholders and civil society on environmental and labour issues, and continue to manage leverage prudently with clear communication to investors, thereby addressing core concerns that recur in public and professional discourse.