Adani risk casts doubt on Wall Street's star emerging-market bet

The Adani Group dismissed the report as "maliciously mischievous" and said it's exploring legal action

Netty Ismail, Marcus Wong & Ronojoy Mazumdar | Bloomberg
Photo: Bloomberg

Photo: Bloomberg

The start of 2023 was meant to be India’s. The nation’s fast-growing economy and rapidly expanding equity markets had convinced money managers from Morgan Stanley Investment Management to State Street Global Advisors to call it a top investment destination. 
Then came the $50 billion selloff in billionaire Gautam Adani’s corporate empire.
It’s a shock that forces Wall Street to reexamine its confidence on India’s expansion and its pro-business government, which helped the benchmark Sensex index trade last quarter at the highest in a decade versus the S&P 500. Those already-lofty valuations — combined with a scathing New York short-seller report attacking Adani Group — spotlights the contradictions within India’s runway for growth.

Also Read

What is a follow-on public offer?

Adani FPO could be India's largest-ever; board to approve proposal on Fri

Mutual funds, FPIs show appetite for a slice of Adani FPO anchor pie

Adani Enterprises' Rs 20,000-crore FPO likely before Budget 2023

Cloud over Adani Enterprises FPO as stock dips 11-15% below offer

Hindenburg report 'gas and fire', our FPO, investment plans on track: Adani

LIC continues to bet big on Adani FPO, net gainer despite share price rout

Ankit Nagori-led Curefoods aims to expand cloud kitchens across India

Bengaluru international airport to get additional 1,700 CISF personnel

Explained: Why Chinese electronics companies are getting a break in India

First Published: Jan 29 2023 | 9:28 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on are available only to BS Premium subscribers. Already a BS Premium subscriber?LOGIN NOW

Register to