India’s Adani: Anatomy of a crisis
A day-by-day account of Adani’s stunning collapse in value.
Early January 2023
Adani Enterprises is one of several listed companies within the broader Adani Group, and it is the embodiment of a Modi-era Indian corporate success story. While the group businesses are essential to Indian life – power, ports, mining, airports, food processing – their share prices have behaved in a manner that would look extravagant for a tech stock.
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?
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