Between Saffron And Green: Modi Man’s Moves In The Market

Every Adani group company is under stress after the Hindenburg Research targeted it, but the story of Gautam Adani’s green businesses is particularly tragic for a man who is a friend and businessman rolled into one

Since the New York-based “activist short-seller” Hindenburg Research targeted the Adani group in January, billionaire Gautam Adani’s family group has unleashed an extensive plan to reclaim the lost glory of his brand. Hindenburg’s allegations of fraud, stock price manipulation and use of tax havens by the group companies led to a massive sell-off of their shares. From giving a 413-page reply to Hindenburg’s allegations to pre-paying liabilities of around $2.1 billion, the Adani group is redefining its priorities for the coming years to win investor confidence again.