Given the oversized role Adani Group plays in India's economy, the controversy has huge implications for the country and Prime Minister Modi
Ultimately, however, accusations of official complicity in Adani Group’s alleged malfeasance may prove most damaging, undermining investor confidence in India’s $3.2 trillion economy. According to the Hindenburg report, “issues of corruption permeate multiple layers of government,” especially calling out the Securities and Exchange Board of India, or SEBI.
Adani, 60, is perceived to be closer to Modi than any other Indian oligarch. He was born to a Gujarat textile merchant and, after dropping out of university, spent his early career as a scooter-riding plastics trader. He later dabbled in precious gems before his big break with the development of a deep-water port at Mundra, which today is India’sAdani expanded his holdings in infrastructure, logistics, and energy, especially coal-related businesses.
Yet the risk of contagion and decimated confidence in Indian bourses remains very real. The timing of the allegations is particularly damaging coming just before a $2.5 billion share sale by the group’s flagship Adani Enterprises Ltd that stood to be India’s biggest ever primary follow-on public offering.
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