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Adani risk casts doubt on Wall Street's star emerging-market bet

The Adani Group dismissed the report as "maliciously mischievous" and said it's exploring legal action

Photo: Bloomberg
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Photo: Bloomberg

Netty Ismail, Marcus Wong & Ronojoy Mazumdar | Bloomberg
The start of 2023 was meant to be India’s. The nation’s fast-growing economy and rapidly expanding equity markets had convinced money managers from Morgan Stanley Investment Management to State Street Global Advisors to call it a top investment destination. 

Then came the $50 billion selloff in billionaire Gautam Adani’s corporate empire.

It’s a shock that forces Wall Street to reexamine its confidence on India’s expansion and its pro-business government, which helped the benchmark Sensex index trade last quarter at the highest in a decade versus the S&P 500. Those already-lofty valuations — combined with a scathing New York short-seller report

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First Published: Jan 29 2023 | 9:28 PM IST

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