What does the Adani Group's crash mean for India's economy?

The Indicator from Planet Money

NPR

Business

4.7 • 9.2K Ratings

🗓️ 10 February 2023

⏱️ 8 minutes

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Summary

Gautam Adani is no longer Asia's richest man. Since American firm Hindenburg Research released a scathing report last month alleging widespread fraud, market manipulation and corruption, the head of India's Adani Group has lost billions. What does this all mean for India's economy?

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Transcript

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0:00.0	NPR.
0:07.0	This is the Inticated From Planet Money, I'm Darien Woods.
0:15.0	And I'm Paddy Hirsch.
0:16.2	The Adani Group, one of the biggest companies in the world, is still bleeding out this
0:20.3	week, after being badly wounded by the American Investing Group Hindenburg Research.
0:25.1	Hindenburg released a report on January 24, claiming the Adani Group has flourished
0:29.8	due to fraud and market manipulation and corruption.
0:33.2	And they called it, I quote, the largest con-incorporate history.
0:37.5	The largest con-boy, that's a high bar.
0:40.3	There are a lot of competitors.
0:41.6	I'm thinking about Fire Festival.
0:43.0	I'm thinking about FDX.
0:44.4	I'm thinking about Benny Madoff.
0:46.4	There are a lot.
0:47.4	Before you haven't even mentioned the banks yet.
0:48.8	That's right.
0:49.8	The Adani Group is one of India's largest con-glomerates with significant interests in
0:53.5	ports management and the extraction of coal and iron ore.
0:56.5	It denied pretty much everything in the report, of course.
0:59.4	But the damage was done.
1:00.8	Stockholders have been falling over themselves to sell shares in the group's companies.
1:04.8	And the group has lost more than $110 billion on paper.
	...

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