MUMBAI: The market rout suffered by Indian tycoon Gautam Adani is the latest corporate scandal to plague one of the world's largest economies despite Prime Minister Narendra Modi's effo
Most damning for Modi's government is Hindenburg's assertion that Adani's dodgy activities"seem to be enabled by virtually non-existent financial control".
Mallya left the country in 2016 owing more than US$1 billion after allegedly defaulting on loan payments to a state-owned bank and misusing the funds. "I would actually really compliment Prime Minister Modi," Tim Buckley, an Australian energy analyst who monitors India, told AFP."Seven years ago, crony capitalism was endemic in India."But Adani's rise could be seen as telling another story, with the mogul's ascent mirroring the meteoric political career of Modi, a fellow native of Gujarat.
But independent market analyst Ambareesh Baliga said that he believes Adani is an isolated case, pointing to India's strong economic growth under Modi. Capital markets regulator the Securities and Exchange Board of India did not respond to AFP's request for confirmation Friday on whether it was probing Hindenburg's allegations.
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