What is Adani's Short Shelling Controversy?

Few days ago Hindenberg released a report which said that the Adani group engaged in bold stock manipulation and accounting fraud all the time.

This research firm is actively short- selling Adani stocks through US bonds & Non-Indian traded assets.

Impact: 

• Adani's share prices fell 18.5% yesterday.

• Investors lost upto 4.2 Lk Cr in 2 days.

•  His FPO was undersubscribed upto only 1% yesterday.

Despite the accusations, LIC has still planned to invest 370 crores in the FPO.

Nifty 50 lost 1.6% because of bankers

who have invested heavily on Adani.

Does the future of market benchmarks in India now rely only on IT & FMCG?