Adani Crisis Could Derail Modi’s Economic Vision, Analyst Says
Protesters burn effigies of billionaire Gautam Adani and Indian Prime Minister Narendra Modi during a protest in Kolkata on Feb. 6.
Photographer: Saikat Paul/Future Publishing/Getty Images
Any serious damage to billionaire Gautam Adani’s empire could derail Indian Prime Minister Narendra Modi’s economic plan as the conglomerate operates the largest chunk of infrastructure projects — including mines, ports and airports — in Asia’s third-largest economy.
The business group has seen a meltdown following US short seller Hindenburg Research’s Jan. 24 allegations of fraud and market manipulation that at one point wiped out more than $100 billion of the group’s stock market value. The conglomerate has repeatedly denied all the charges, while Adani and his family have moved to prepay some borrowings to calm investor nerves.