The stakes get bigger: Why Gautam Adani had to re-assess his position

A fight could have spread effects not only on those who financed the projects Adani embarked on, but also the govt's manufacturing and infrastructure ambitions, writes T N Ninan

The operative question is, what happens after the great fall? Even if something in excess of $120 billion has been lopped off the market value of the Adani firms (with about two-thirds of that loss suffered by Gautam Adani himself), the fact is that the group is still valued at over $100 billion, with Mr Adani therefore worth at least two-thirds of that. These numbers have to be approximations because of the rapidly evolving scenario, and because it is hard to make adjustments for cross-holdings, pledges of promoter shares and such. But even if Mr Adani is no longer the