The Hindenburg Research report had a significant impact on the stock prices of Adani Group companies, as shown by a study analyzing stock returns over a 21-day period. The stock prices were affected both before and after the report, indicating that the Indian stock market may not be fully efficient in processing such information. Despite this impact, the stock prices did not immediately react to the report, suggesting a delayed response from investors. This study is important for investors, companies, policymakers, and regulators to understand how such reports can influence stock prices in the Indian market.