GAUTAM ADANI is no stranger to ambush. In 1998 the Indian tycoon was kidnapped and reportedly released for a multimillion-dollar ransom. In 2008 he was at the Taj Mahal Palace Hotel in Mumbai during a terrorist attack, and spent a night hiding in the basement. Now he faces an assault of a different kind—not on his person but on the conglomerate that bears his name.
In the space of a week a staggering $92bn, or two-fifths, has been wiped from the market value of the Adani Group’s ten listed companies (see chart 1). The yields on some of those firms’ bonds at times spiked into
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