Ever since January when the damning report of the US-based Hindenberg Research — a self-confessed short-seller firm in stock markets around the world — was published, prices of the equity shares of Adani Group companies listed in the National and Bombay Stock exchanges, have plummeted and continue to search new lows. The Hindenberg Report alleged that mysterious shell companies registered offshore were purchasing and pumping up prices of Adani Group companies in India against which founder-chairman Gautam Adani was borrowing heavily from banks and financial institutions to fund the growth of his fast-track business empire. When this exposé was published — and not strongly refuted — almost overnight, Adani’s reputation as a latter day Midas took a big hit even as his shareholders suffered huge losses.
Now even if belatedly, Adani has struck back. On October 23 on the occasion of the 25th anniversary of the Adani-promoted Mundra Port, Gujarat, Adani set out the record of the country’s first true deep water port constructed by the company in expensive front page ads in major newpapers (ToI, The Hindu, Economic Times) among others. The first page features a photograph of Mundra as the total mud flat it was 25 years ago. The second page depicts the busy port and its impressive record of development. Total taxes paid: Rs.2.25 lakh crore; total investment: Rs.70,000 crore; employment generated: 75 million man-days; neighbouring villages benefited: 61; mangrove afforestation: 6,000 hectares, 17 million trees planted.
Yet according to aspirant prime minister Rahul Gandhi, a millionaire with no visible sources of income, Adani is an anti-national wrecking the Indian economy. Also according to Mahua Mitra, MP, she of thousand dollar scarves and diamond wrist watches. Res ipsa loquitur.
