Nagging questions over the Adani empire won’t go away
A short-seller’s report raises uncomfortable questions for India’s policymakers, too
On the surface it was a huge mismatch—David versus an army of Goliaths. Yet in a matter of days a report by Hindenburg Research, a fledgling short-selling firm, resulted in a fall of over $50bn in the wealth of Gautam Adani, hitherto one of the world’s richest men and a close associate of Narendra Modi, India’s prime minister. Along the way, a $2.5bn share offering by Adani Enterprises, flagship of the Adani Group’s listed companies, was derailed. Hindenburg alleged that Adani is a giant con. Adani countered that the charges are baseless and, moreover, count as an attack on India itself.
This article appeared in the Leaders section of the print edition under the headline “Hindenburg v Adani ”
Leaders
February 4th 2023- Joe Biden’s effort to remake the economy is ambitious, risky—and selfish
- Nagging questions over the Adani empire won’t go away
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