Investors have again rushed into the conglomerate controlled by Gautam Adani after a panel signaled that the investigation into the company’s finances was getting nowhere.
The tycoon often said the Adani Group’s goals were in lock step with India’s needs. Now, the company’s fortunes are crashing, a collapse whose pain will be felt across the country.
Stocks and bonds are on an impressive run so far this year, driven by hopes the Federal Reserve will slow down, or even pause, its interest rate increases.