Money Talks: Adani’s short story

<p>Just weeks ago, <a href="https://www.economist.com/leaders/2023/02/09/the-humbling-of-gautam-adani-is-a-test-for-indian-capitalism?utm_campaign=a.io&amp;utm_medium=audio.podcast.np&amp;utm_source=moneytalks&amp;utm_content=discovery.content.anonymous.tr_shownotes_na-na_article&amp;utm_term=sa.listeners" rel="noopener noreferrer" target="_blank">Gautam Adani</a> was the third richest person in the world. But he was caught short when Hindenburg Research, a small American short-seller, issued a report that spooked investors, wiping $100bn from the value of Adani firms.</p><p>On this week’s podcast, hosts Mike Bird, Alice Fulwood and Tom Lee-Devlin examine the <a href="https://www.economist.com/briefing/2023/02/09/why-adani-groups-troubles-will-reverberate-across-india?utm_campaign=a.io&amp;utm_medium=audio.podcast.np&amp;utm_source=moneytalks&amp;utm_content=discovery.content.anonymous.tr_shownotes_na-na_article&amp;utm_term=sa.listeners" rel="noopener noreferrer" target="_blank">allegations</a> levelled at Adani’s firms, which the company has forcefully denied. <em>The Economist</em>’s Mumbai bureau chief, Tom Easton, talks them through Hindenburg’s report and Adani’s response. Analyst Mahesh Vyas considers the impact on Adani’s ability to borrow to fund infrastructure projects. And short-seller Andrew Left describes what it’s like to hit send on a report that’s intended to crash a firm’s stock price.</p><p>Sign up for our new weekly newsletter dissecting the big themes in markets, business and the economy at <a href="https://www.economist.com/moneytalks/?utm_campaign=a.io&amp;utm_medium=audio.podcast.np&amp;utm_source=moneytalks&amp;utm_content=discovery.content.anonymous.tr_shownotes_na-na_article&amp;utm_term=sa.listeners" rel="noopener noreferrer" target="_blank">www.economist.com/moneytalks&nbsp;</a></p><p>For full access to print, digital and audio editions, subscribe to <em>The Economist </em>at <a href="http://www.economist.com/podcastoffer?utm_campaign=a.io&amp;utm_medium=audio.podcast.np&amp;utm_source