Just 10 days ago, Gautam Adani and his sprawling energy-to-ports empire looked invincible. Now, a damning short-seller attack has left the billionaire battling the worst crisis of his corporate life — and is raising bigger, darker questions about India’s credibility as a global growth engine and a destination for international investors.
The Adani Group has shed $108 billion (Rs 8.85 lakh crore) in market value since Hindenburg Research accused it of stock manipulation and accounting fraud in a Jan. 24 report. But it was only when the tycoon scrapped a $2.4 billion (Rs 19,600 crore) share sale this week that the potential for lasting impact became clear. Adani’s rebuttal had failed to reassure investors.
