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WEDNESDAY, JUNE 11, 2025
How global media are portraying the Adani controversy

World+Biz

TBS Report
05 February, 2023, 11:50 am
Last modified: 05 February, 2023, 12:05 pm

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How global media are portraying the Adani controversy

New York City-based Hindenburg Research on 24 January this year published the findings of a two-year investigation alleging that Adani had engaged in market manipulation and accounting malpractices. Since the publication of the Hindenburg report, the Adani Group and its founder, Gautam Adani has been the most talked about subject in the global financial sector

TBS Report
05 February, 2023, 11:50 am
Last modified: 05 February, 2023, 12:05 pm
How global media are portraying  the Adani controversy

Indian billionaire Gautam Adani is presently the most talked about subject in the global financial market. While Adani had already made it into the headlines for his business success, his recent limelight on his delves into the shady aspects behind the shine.

New York City-based Hindenburg Research on 24 January this year published the findings of a two-year investigation alleging that Adani had engaged in market manipulation and accounting malpractices. Bonds and shares of companies associated with Adani experienced a decline in value after the accusations and Credit Suisse stopped accepting Adani Group's bonds as collateral. Gautam Adani denied the fraud allegations, calling them "malicious" and "selective misinformation".

Since the publication of the Hindenburg report, Adani has been the most talked about subject in the global financial sector. Here is how the global media is covering the incident:

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New York Times

Photo: Screengrab
Photo: Screengrab

The New York Times (NYT) ran an article on 4 February, titled,  "Gautam Adani's Rise Was Intertwined With India's. Now It's Unraveling."

"Gautam Adani began the year as one of the richest men who ever lived, an upstart billionaire whose conglomerate, one of India's largest, had surged in value by 2,500 percent in five years. That rise, as he portrayed it, wasn't his alone: It was inseparable from the 'growth story' of India itself. His companies' goals were in lock step with the country's needs, he often said. Relying on his longstanding partnership with India's powerful leader, Narendra Modi, he brought his private companies — spanning power, ports, food and more — into alignment with one politician more closely than any business titan before him," the article read. 

"Now, in spectacular fashion, the fortunes of his Adani Group are crashing down even faster than they had shot up — a collapse whose pain will be felt across the country, rippling through its economic and political spheres," it added.

Washington Post

Photo: Screengrab
Photo: Screengrab

The Washington Post ran an article on 28 January titled, "Who is Gautam Adani? Asia's richest man is rocked by fraud claims."

"Indian billionaire Gautam Adani, who last year briefly catapulted into becoming the world's second richest person, has had a tough week. On Tuesday, he was accused of fraud and market manipulation by US-based short sellers at Hindenburg Research, leading to the companies that he controls shedding tens of billions in value," the article read.

Citing data from Bloomberg and Forbes, it added that the fortune of Adani, who until recently had a net worth larger than that of Bill Gates and Warren Buffett, declined by more than $22 billion on 27 January and The seven publicly traded Adani companies, which are involved in everything including energy and infrastructure, lost more than $50 billion in market value that week.

Reuters

Photo: Screengrab
Photo: Screengrab

"Adani crisis ignites Indian contagion fears, credit warnings," is the title of a 3 February article by Reuters - one of the many news and articles the platform has been running since the Hindenburg report publication.

It said: "Financial contagion fears spread in India on Friday as the Adani Group's crisis worsened, with ratings agency Moody's warning the conglomerate may struggle to raise capital and S&P cutting the outlook on two of its businesses."

"Chaotic scenes in both houses of India's parliament led to their adjournment on Friday as some lawmakers demanded an inquiry after a dramatic meltdown in the stock market values of Indian billionaire Gautam Adani's companies," the article added.

CNN

Photo: Screengrab
Photo: Screengrab

CNN published a report on Adani on 4 February, titled, "Gautam Adani lost half his wealth in a flash. Here's what happened."

"Less than two weeks ago, Gautam Adani was the fourth-richest person in the world. With a personal fortune estimated at $120 billion, the self-made Indian industrialist was wealthier than either Bill Gates or Warren Buffet," the report said in its introductory remarks.

"Then Hindenburg Research, an American short seller with bets against Adani's companies, accused him of pulling off "the largest con in corporate history. Adani's firms have lost $110 billion in value since then, and his own wealth has been halved to little more than $61 billion as investors pull their support," it added.

The article also said that the Adani Group has condemned the report as "baseless" and "malicious," investor questions about its claims linger, and the fallout is growing.

BBC

Photo: Screengrab
Photo: Screengrab

"Adani: How the billionaire's empire lost $100bn in days," is the title of a BBC article from 3 February.

The report said: "Indian billionaire Gautam Adani has sought to reassure investors after his company pulled a surprise by calling off its share sale. On Wednesday, Adani Enterprises said it would return $2.5bn (£2bn) raised from the sale to investors. The decision will not impact 'our existing operations and future plans', Mr Adani has said.The move caps an eventful week which began with a US investment firm making fraud claims against Adani Group firms."

It also added that Adani has denied the allegations.

Nikkei

Photo: Screengrab
Photo: Screengrab

Nikkei ran an article on 4 February, titled, "Gautam Adani's empire in crisis: 5 things to know".

"Until just over a week ago, Gautam Adani projected the image of a near-invincible business tycoon whose corporate empire and wealth looked set to expand relentlessly. After all, his huge conglomerate had emerged as a key player in India's push to develop slick highways, gleaming airports and other world-class infrastructure," it said.

Guardian

Photo: Screengrab
Photo: Screengrab

UK's the Guardian ran an article titled, "Adani crisis: Indian group has value cut in half after stock market rout" on 3 February.

"The beleaguered empire of the Indian billionaire Gautam Adani is spiralling into crisis, as an escalating stock rout triggered by fraud claims cuts the value of his conglomerate in half," the Guardian wrote.

"Traders sent shares in the listed flagship Adani Enterprises down more than 25% shortly after markets opened in Mumbai on Friday, despite attempts by the company to restore investor confidence. Other listed entities, such as Adani Green Energy and Adani Ports, were also down sharply," it added.

Financial Times

Photo: Screengrab
Photo: Screengrab

"The Adani affair: the fallout for Modi's India," is the title of 4 February article published in the Financial Times.

"The storm surrounding Adani comes during a proud year for the country, as it is set to become the world's most populous nation and chairs the G20 group of leading economies. The fallout risks damaging the country's status as a top pick of foreign banks' emerging markets desks," the article read.

Top News

Adani Group / Gautam Adani

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