Adani crisis how can hit India's growth story

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 $108bn in market value since Hindenburg Research accused it of stock manipulation and accounting fraud in a January 24 report. But it was only when the tycoon scrapped a $2.4bn share sale this week that the potential for lasting impact became clear.

Given that Gautam Adani has aligned his business interests with the government’s development goals, if the slide in asset prices continues and further shakes investor confidence in his empire, it would be a setback for India’s growth story at a pivotal time.

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