An opposition protest in Kolkata.
Photographer: Dibyangshu Sarkar/AFP/Getty Images
, Columnist
Adani Isn’t India, But Its Troubles Mirror the Nation’s Woes
In relying on a tycoon to attract global investment into infrastructure, policymakers lost sight of the poor returns on capital.
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.