Adani wipeout hurts but won't derail foreign investor faith in India
U.S. allegations, denied by the company, are that Gautam Adani's colossal ports-to-energy conglomerate paid bribes to secure power sales and made misleading disclosures, roiling the stocks and debts of Adani companies.
Investors expect a stronger spotlight on governance and disclosure, and perhaps some volatility, but say the affair has not challenged the reasons they are in India in the first place — for exposure to a growing economy and a huge consumer market.
«Foreign investors may grow more cautious about the transparency and governance practices of Indian companies,» said Steve Lawrence, chief investment officer at Balfour Capital.
Still, he pointed to a roughly 3% rise in the Nifty 50 index since the Adani news broke as signalling confidence. In the same period, $14 billion has been wiped off the value of shares in 10 companies owned by Adani.
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