Adani strikes back at Hindenburg. But can he win the perception war?

The Adani group has lost $50 billion in stock-market value over two trading days

Gautam Adani, the Indian tycoon under attack by a New York-based short-seller, has outdone his accuser 4:1: The rebuttal put out by his group Sunday night in India runs into 413 pages. Hindenburg Research’s allegations of stock-price manipulation and accounting fraud were contained in a 106-page report, which has now been denounced by the conglomerate as “nothing short of a calculated securities fraud under applicable law.” Is the response, backed by the claim that the group may pursue remedies, as weighty as it is voluminous? Perhaps it doesn’t really matter.
 

That’s because the fate of Adani’s vast corporate empire will