Mumbai, India – Amid the usual traffic snarls on one of central Mumbai’s busiest overpasses, drivers could hardly help but notice a simple, yet large, hand-painted slogan proclaiming that the rapidly rising wealth of businessmen Gautam Adani and Mukesh Ambani was a miracle of Narendra Modi’s government.
In the city’s stock market, however, Adani’s wealth, which has increased by more than $100bn in less than a decade, was eroding faster than the paint on the slogan could dry. Adani’s self-named conglomerate grew by running a rapidly increasing share of India’s public infrastructure including ports, airports, power plants and coal mines.
