A transparency test for Adani

One lesson that the Hindenburg report has hammered home is that big business groups are best served by transparency in their business and financial dealings

The Hindenburg-Adani fight will take some more time before one can say who won and who lost. The Adani group stocks fell steeply immediately after the Hindenburg report became public. But after that, there are indications that Adani group bulls are fighting a fierce battle against the bears in the Indian stock markets. Its follow-up public offering (FPO) too has managed to scrape through on the final day as expected, despite the lacklustre showing of the first two days.

I would have been surprised if the Adani FPO had not closed successfully. The Adani group has not grown this big without