When the Adani Group mobilised to defend itself against accusations — levelled by US-based short sellers Hindenburg Research — that it had “engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades,” the choice of decor was more persuasive than the denial. Chief Financial Officer Jugeshinder Singh stood in front of a giant Indian flag that made him look more like a government official than an embattled company executive. The message was clear: If you (a “foreign entity,” in the company’s words) come after Adani, you’re coming after India.
Unfortunately, that’s not entirely untrue. The