Indian Prime Minister Narendra Modi can’t be happy about the Adani Group market meltdown stealing his thunder.
Modi’s Bharatiya Janata Party (BJP) had planned to use this week’s annual budget to launch its argument to remain in power after next year’s national elections. Yet Modi’s plans to trim debt, support middle-class families and empower women were relegated to second-tier headlines.
Leading the global news: the epic US$104 billion loss knocking Gautam Adani from his perch as Asia’s richest man.
The crash that began last week has been enough to make Tesla founder Elon Musk blush. Short seller Hindenburg Research accused Adani’s conglomerate of “brazen” market manipulation and accounting fraud.