India’s scandal-hit Adani Group forges on
Allegations of wrongdoing refuse to go away, but the group keeps growing
Only seven months ago the Adani Group, India’s most valuable conglomerate at the time, looked as if it might topple. The multinational, which has interests in everything from rice to renewable energy, was accused of fraud, insider trading and fragile financing by Hindenburg Research, a New York-based short-selling firm. Though the group denied any wrongdoing, the valuation of Adani’s companies fell from over $200bn to under $100bn.
This article appeared in the Business section of the print edition under the headline “Scandalously successful”
Business September 2nd 2023
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