Adani’s troubles reflect India’s woes
A New York short seller has forced India to stare at a reflection of its long-simmering frustration with shabby, inadequate infrastructure and its impatient urge to fill the gaps overnight.
The target of Hindenburg Research’s attack is the Adani Group, which aggressively marshaled capital from around the world into India’s unmet aspirations. The conglomerate has strongly denied the activist investor’s allegations of stock-price manipulation and accounting fraud.
For some Indians, the loss of more than $130 billion (Rs 10.76 lakh crore) of market value has come as an assault on nationalist pride. But even those who refuse to equate Adani with India are forced to acknowledge the larger point of the debacle:
