Adani saga: The elephant in the room

The Adani group stocks don't need to keep going down and hit Hindenburg's estimate of fair value

The Adani saga has drawn a variety of reactions after a report by US-based Hindenburg Research set off the rout in Adani stocks from January 25. Angry “nationalists” called it an attack on India. This was followed by reams of Adani apologia from mainstream editors and reporters. A few lawsuits have got the Supreme Court exercised. But the core issue about the Adani saga is how share prices of the group companies rose to such extraordinary levels without any investigation or regulatory intervention. The fact that Adani Total Gas Ltd (ATGL) and a few other Adani stocks have remained pinned