Adani's reckoning: Sebi probes, political uproar, and foreign capital woes

Sebi may now launch fresh inquiries. Parliament will open to uproar, and Adanis' access to foreign capital will become impossible. The damage this time will be deeper and longer-lasting

In about two years, the Adani group has hit big international headlines thrice: First, with stories on its debt overhang; second, with the Hindenburg allegations of market manipulation and fraud; and now prosecution by the US Department of Justice, the Federal Bureau of Investigation, the Securities and Exchange Commission — the works. In between the big episodes, there were also some item numbers, like the Supreme Court-mandated inquiry and charges of conflict of interest against Securities and Exchange Board of India (Sebi) Chairperson Madhabi Puri Buch.

 

All this fouled the air for India’s fastest-growing conglomerate without creating either the imminence