Gautam Adani has a fight on his hands. Whether or not you think his group’s rebuttal of the appropriately named Hindenburg report on the Adani companies is convincing (it covers only some of the points in the report), the share prices of group entities have seen a sharp dip, becoming close to a rout on Friday. Importantly, the price of the group’s flagship, Adani Enterprises, has fallen well below the floor price of its public issue, which is open for subscription till Tuesday. The Adani group may have to drop the asking price (allowed up to 20 per cent) to salvage the issue, but even that may not suffice if the share price falls further next week. It is possible therefore that the issue may fail. Apart from the embarrassment it would cause to one of the world’s wealthiest persons, it could have knock-on effects for him and the broader stock market.