Indian conglomerate Adani Group is still struggling to recover from short seller Hindenburg Research’s report on its financial practices in January. While two of Adani’s 10 stocks have rebounded, the company has lost over $100bn since the report’s release, as investors reassess the firm’s valuation. Abhay Agarwal, founder and fund manager at Piper Serica Advisors, said that the concerns over governance are unlikely to erase all losses in the next three, six or even 12 months. The median decline over four months for 10 Adani stocks is 23%, compared to 19% for shares of other firms targeted by Hindenburg since 2020.