Where does the fallout from the Adani crisis take India now?
A two-week period saw Adani Group attacked by a short seller, abandon a $2.5 billion share offer and lose $100 billion in market value. What next? And what does it mean for Modi’s India?
Perhaps it was the moment dozens of parliamentarians took to the grounds of New Delhi’s parliament with placards and chants when it really became clear that the Adani crisis had grown beyond one company’s credibility.
A report by a US short-seller hammered the stock of India’s Adani Group companies just as one of them tried to raise $2.5 billion in a follow-on. It was not just Adani under attack here, but Modi’s vision of corporate India.
In front of a statue of Mahatma Gandhi, with a sign the width of a bus saying: 'We Demand JPC or SC Monitored Probe on ADANI SCANDAL' (Indian protest slogans do tend toward the verbose), the MPs shouted long and hard enough to adjourn both houses of India’s parliament.