What really worries Indians about Gautam Adani and his companies

If Adani's companies can deliver a fraction of what he has pledged, then perhaps, in time, they might even grow into the valuations they have already achieved on paper

Gautam Adani
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Gautam Adani

Mihir Sharma | Bloomberg
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

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First Published: Jan 27 2023 | 8:51 AM IST

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