Adani stocks rout rattles confidence in local insurer assets, says Bain

Embattled tycoon Gautam Adani’s challenges have knocked the confidence of strategic insurance investors seeking to establish partnerships in India, according to Bain & Co.’s mergers and acquisitions head for Asia Pacific.
 

Global firms, which typically hold significant stakes in the government-regulated sector, are worried about finding strong local partners who they can trust, said Bain’s Harshveer Singh.
 

“They are now asking ‘Do we know what we are getting into?’” Singh said.
 

A stock rout has wiped $127 billion off the market value of Adani’s empire after a scathing report by short seller Hindenburg Research on Jan. 24. The Adani Group,