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The Journal.

The Short Seller Costing the Adani Group Billions

The Journal.

The Wall Street Journal

News, Daily News, Business News

4.25.8K Ratings

🗓️ 6 February 2023

⏱️ 17 minutes

🧾️ Download transcript

Summary

Gautam Adani is ubiquitous in India. His energy and infrastructure conglomerate, the Adani Group, touches the lives of millions of Indians on a daily basis. But last month, Hindenburg Research, a U.S. short seller, alleged that the company was engaged in wide-ranging fraud. WSJ’s Shan Li explains a fallout that has cost Adani billions. Further Reading: - How Gautam Adani Made (and Could Lose) a $147 Billion Fortune - Adani Plans $1.1 Billion Loan Repayment After Share Collateral Plummets Further Listening: - The Firm Tanking Some of Wall Street's Hottest Stocks Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

The Adani Group is one of the most well-known companies in India.

0:09.3

And it's run by one of the richest people in the world.

0:12.2

Got him a Donnie.

0:15.5

His very sprawling business empire touches the lives of almost everyone here in India.

0:23.6

That's our colleague Sean Lee, who's based in New Delhi.

0:26.9

When you walk into a grocery store, you're likely to find cooking oil and fruit from

0:33.6

his companies.

0:34.8

His ports are just huge points for flow of goods through India and through much of the region.

0:41.6

He operates six airports and his power plants and his coal lights up people's homes, their

0:49.2

offices, their businesses.

0:51.3

His name is on billboards, you know, on shipping docks.

0:54.6

It's hard to go anywhere in India without encountering some aspect of his business.

1:01.2

But now, Adani's companies are under fire.

1:04.2

Thanks to allegations published in a report by an American short seller.

1:08.6

The title of the report is How the World's Third Riches Man is pulling the largest con

1:14.8

in corporate history.

1:16.3

That's quite the headline.

1:18.2

Yes, it's over a hundred pages.

1:21.0

It's quite detailed.

1:22.9

The allegations are pretty explosive.

1:29.8

Welcome to the journal, our show about money, business and power.

1:33.8

I'm Ryan Knutson.

...

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