Number Theory: Key takeaways from 2 hard years for the Adani Group

What does that entail for the Indian economy at large? Here are four charts that try to answer this question

On November 20, the United States Department of Justice (DoJ) issued an indictment against Gautam Adani and two executives of Adani Green Energy for allegations of bribery in India, which put them in breach of US capital market regulations. While a trial is awaited in the court, the DoJ indictment was the second blow to the multi-billion-dollar Indian conglomerate in as many years. In January last year, the group was targeted by a US-based short-seller Hindenburg, which accused it of various irregularities – Indian stock market regulator Sebi has not found any of them true – and held its stocks as significantly overvalued. The ripple effects of these allegations continue to animate politics in the country with opposition parties accusing the government and its regulators of overlooking the group’s alleged malpractices. Politics, allegations and trials aside, what have the last two years brought for the Adani Group in the markets? What does that entail for the Indian economy at large? Here are four charts that try to answer this question.

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