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It has been said that Adani is close to Indian Prime Minister Narendra Modi and the Bharatiya Janata Party that he leads. Since Modi became the Prime Minister of India, his companies have won numerous energy and infrastructure contracts in India and abroad, which has led to allegations of cronyism. Adani and his family's fortune fell to 24th place on the Forbes Real Time Billionaires list in March 2023 after American short selling activist firm Hindenburg Research made allegations of stock manipulation and fraud in January 2023. As a result, Adani's and his family's fortune fell by more than 50% to an estimated US$50.2 billion.