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Only seven months ago the Adani Group, India’s most valuable conglomerate at the time, looked as if it might topple. The multinational, which has interests in everything from rice to renewable energy, was accused of fraud, insider trading and fragile financing by Hindenburg Research, a New York-based short-selling firm. Though the group denied any wrongdoing, the valuation of Adani’s companies fell from over $200bn to under $100bn.
The Hindenburg affair is far from over. On August 31st, as India’s Supreme Court
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