We have heard of many rags to riches, but the rise & fall of Adani Groups appears to be dipped in conspiracies. Gautam Adani, the founder of the Adani Group, earned the most wealth in the world this year, with his net worth rising from $43B to $77B.

The Adani group has six listed companies, rising on an exponential trajectory since March 2020. However, the companies’ combined revenue fell by 31% YoY, and their gross debt increased by 14.3%! YoY to 1.25 Lakh Cr. On the other hand, in the last two years, the group has obtained infrastructure assets worth nearly Rs 50,000 crore from stressed promoters in the ports, power, and airport sectors.

As per analysts, the surge in stock prices might be the reason behind the future growth potential of those assets. But there might be another reason – back in 2002 when Adani publicly supported Modi during riots. Moreover, critics claim that since 2014 the government relaxed laws like airport bidding rules, which helped the Adani group fuel its expansion.

However, the story attained a new conspiracy angle when Suchita Dalal tweeted: “Another scandal hard to prove outside the black box of information available with SEBI tracking systems is the return of an operator of the past who is relentlessly rigging prices of one group. All through foreign entities! His specialty & that of a former FM. Nothing changes!”

And just today, NSDL froze the accounts of 3 foreign funds that together hold shares worth Rs 43,500 crore in four Adani companies. This news caused mass-panic resulting in the crash of Adani stocks.


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