On Breakingviews: MSCI cut its determined free floats of four Adani firms, undermining efforts of local officials to downplay concerns about the group’s governance. India can manage the fallout at home, but foreign scrutiny remains a threat: ShritamaBose
Adani still appears to have the domestic support he needs but external pressures may continue to rise. The corporate regulator in Australia, where the Indian group operates the Carmichael coal mine, is reviewing Hindenburg’s allegations. If regulatory action reflects political priorities, diplomatic ties between New Delhi and Canberra - including the duo’s role in the “Quad” – an implicit China containment alliance - might help limit the fallout.
MSCI’s move follows a $110 billion rout in the shares of Adani companies since U.S. fund Hindenburg Research published a short attack against the group on Jan. 24.
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