Few stories have captured more headlines in India this year than the saga of Gautam Adani. Adani is CEO of the Adani Group and a regular fixture on the Forbes list of Global Billionaires. He was at one point the third richest man in the world.

In January, Adani and his companies were accused of stock manipulation by New York-based investment firm Hindenburg Research. This sent Adani Group stocks plummeting while Adani’s own net worth took a massive nosedive. Today, the group is trying to calm investors and strengthen its balance sheets even as both the Supreme Court and India’s securities regulator are investing possible wrongdoing.

To talk more about the Adani affair, Milan is joined on the show this week by Menaka Doshi, Senior Editor at Bloomberg News. Menaka is one of India’s most respected financial journalists. She previously served as Managing Editor of BloombergQuint and Executive Editor of CNBC-TV18.

Milan and Menaka discuss the origins of the Adani Group, the allegations against them, and the future for the embattled company. Plus, the two discuss the relationship between Gautam Adani and Prime Minister Narendra Modi and the risks of possible contagion.

Episode notes:

Menaka Doshi, “India’s SEBI to submit report on Adani to Court-Appointed Panel,” Bloomberg, March 29, 2023.

Menaka Doshi and Rajesh Kumar Singh, “Adani Total Gas Says Expansion and Spending Plans are Intact,” Bloomberg, February 7, 2023.

Hindenburg Group, How the World’s 3rd Richest Man is Pulling the Largest Con in Corporate History, January 24, 2023.

Adani Group, “Adani Response,” January 29, 2023.