Adani’s Strategic Counter to Hindenburg: Inside ‘Operation Zeppelin’

In early 2023, U.S.-based Hindenburg Research released a report accusing the Adani Group of stock manipulation and corporate fraud, labeling it “the largest con in corporate history.” The impact was immediate and severe: Adani’s companies lost over $150 billion in market value, and a major public share offering was cancelled.

Despite the blow, the conglomerate led by Gautam Adani recovered swiftly. The group moved to rebuild market confidence through legal efforts, debt reduction, and renewed investor outreach. But behind the scenes, sources say a discreet counter-investigation—dubbed “Operation Zeppelin”—was also in motion.

According to media reports, this covert effort aimed to trace the origins of the Hindenburg report and identify its financial and strategic backers. Individuals familiar with the matter suggested that intelligence support may have come from Israeli sources.

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The report’s release came just days before Adani was set to finalize a $1.2 billion acquisition of Israel’s Haifa Port—a deal seen as geopolitically significant. Some officials in Israel reportedly saw the timing of the allegations as a deliberate effort to undermine the port agreement. During a private meeting, Adani is said to have firmly denied the charges to a senior Israeli leader.

Back in India, the group took visible steps to reassure investors—cutting debt, repurchasing shares, and streamlining operations. Meanwhile, Operation Zeppelin reportedly uncovered a network of entities and individuals—ranging from activist investors to international law firms—with links to foreign interests, including China and political figures in Washington.

By the end of 2024, a 353-page dossier on these findings was compiled, according to reports. Around the same time, U.S. regulators accused Adani Group of alleged bribery in renewable energy deals—claims the company strongly denied.

Legal action was also being considered in New York, where a prominent law firm drafted a complaint against Hindenburg. A proposed meeting between the two parties reportedly did not reach any conclusion.

Then, on January 15, 2025, nearly two years after its original report, Hindenburg Research announced its closure.

Though much about Operation Zeppelin remains confidential, it stands as a rare example of a company fighting back on multiple fronts—through diplomacy, legal action, and intelligence gathering.