I love short sellers, Citron did a little sting in my city, Hong Kong, trying to short Evergrande with an A to Z demonstration of how it was ponzinomics, to end up being sued by our regulator for stock manipulation and being condemned years later finally to not trade in HK for years. A little while later, Evergrande's Ponzi finally collapsed. Nobody here bothered to disprove the claim, they only cared about the share price dropping too fast.
Any company claiming short sellers are evil are lying to you: they d simply buy back the shares at a discount, if they were so sure of themselves.
1) Adani is very close to the current ruling party and the PM - deploying his extensive business network and assets (in various forms) to help get the PM elected (2014) and then re-elected. A bit of googling will reveal the vast scale of politico-corporate nexus between these two - extending all the way back to when they were chums in Gujarat - the Indian state of the PM
2) The only reason the Adani Group has not been hauled up in-front of multiple regulators and law-enforcement agencies on a constant basis is because of #1 above
3)Adani ports seem to be curiously immune to investigations despite literal TONS of drug seizures 
4) There were multiple stories of forced resignations being used by the companies across its workforce to trim costs during the pandemic and avoid paying hefty severance per India's strict labor laws
5)A lot of the public sector banks in India are purported to be under pressure to not recall loans or issue fresh loans on demand to him - essentially a federal backstop to all his liabilities - enabling crazy levels of debt
They have been suing a climate activist here for millions of dollars, and as part of it they had private investigators following him, his wife, and his children, including photographing his children while they were alone on the way to and from school. They were “unapologetic” .
Although from what I read of Adani’s human rights abuses overseas (such as forcing native tribes off their lands to build mines and infrastructure, and complete disregard for the environmental effects of their operations poisoning nearby communities’ air and water/food sources) this is a tiny drop in the bucket of that company’s scummyness.
(too long for HN post title, mea culpa, feel free to change it up dang)
1. A highly illiquid asset that's mostly owned by the founder
2. Price manipulation to artificially inflate the asset price
3. Mark-to-market accounting to artificially inflate the market cap
4. Using the inflated market cap to justify borrowing billions in liquid assets
5. A downturn in the market and... the money's gone
besides the shady ways of raising initial capital, the main crux of the issue with the rise of both Ambani and Adani empires rely on getting favours from local administration. Adani was able to catapult to a big position in the country because of winning contracts from the state administration when the current PM was the CM of the state.
for now, this remains the reality for those who want to set up conglomerates in the country, especially involving infrastructure and commodities.
Surely, they will try to subvert the indian government and take over local giants to establish a construct similar to the ccp to engage in rampant proxy colonialism.
Also, he might be a 3rd richest person on paper, but I call him a flight risk. Once Modi govt is kicked out, he’ll flee India, just like other scammers like Nirav Modi and Vijay Mallya.
However this guy and his family members are pretty well connected and would be fine as long as Modi is India’s PM. In fact it is even stated that this guy is basically a kingmaker as his massive inflated fortune funds the political contributions to the ruling BJP party.