One of the biggest ever corporate takedowns by a short-seller may have been a blessing in disguise for billionaire Gautam Adani. A year after US-based short-seller Hindenburg Research accused the Adani Group of fraud and “brazen” stock price manipulation in a bombshell report — allegations the conglomerate denies — the Indian tycoon has emerged stronger on some measures of business fundamentals.
His ports-to-power empire has trimmed debt, pared founders’ share pledges, won new backers from the US to the Middle East, bagged landmark projects and begun to communicate more often with investors and lenders. It’s helping ferry a rising number of air passengers and cargo containers.
