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Top to bottom: Mukesh Ambani, chairman of Reliance Industries; Gautam Adani, chairman of the Adani Group; and Ratan Tata, former chair of the Tata Group. India Inc.'s top players were spooked by a fall in Adani's share price following an explosive short-seller report in January. © Nikkei montage/Source photos by AP and Getty Images

Adani crisis puts India's winner-take-all economy on trial

Under new scrutiny as election nears, India Inc. pulls back on new investments

MUMBAI -- The atmosphere was festive at the news conference of Adani Enterprises at South Mumbai's posh Trident hotel on Jan. 19. The flagship company of the Adani Group, India's largest private port and airport operator, was preparing a share sale to raise 200 billion rupees ($2.43 billion). Investment bankers being served vegetarian food and nonalcoholic beverages were confident the sale would be oversubscribed by several times, breaking previous records.

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