What's behind Adani group's meteoric rise on the stock exchanges?

The jump in market capitalisation in the past year is not matched by its financial performance

The past 12 months have been of the rise of the Adani group. Once a medium-sized group based out of Ahmedabad, Adani’s companies now have the third-biggest market capitalisation among family-owned businesses in India after Tatas and Reliance Industries. This has made the group owners and promoters — the Gautam Adani family — the second wealthiest in business in India, ahead of older and well-established industrial families.
 
Most of the gains to the group accrued in the past one year. The combined market capitalisation of six Adani group companies is up nearly 455 per cent since the end of