The Parable of Adani The humbling of a tycoon is a test for indian capitalism
• It took a little over seven days for a corporate titan to be cut down to size. Only weeks ago Gautam Adani was the world’s third-richest man and the self-proclaimed Rockefeller of India. Then a short-seller questioned his company’s finances, investors took fright and $100bn in market value evaporated. Tens of billions have been wiped off the tycoon’s personal wealth. Today the company is racing to show it can meet its debt payments.
• The humbling in the markets calls into question Mr. Adani’s pharaonic ambitions. It is also a political embarrassment for Narendra Modi, the prime minister of India and a close associate of Mr. Adani. And it confronts Indian capitalism with its sternest test in years.

Source : The Economist February 11th - 17th 2023 , Page 7