"For Gautam Adani, an underwhelming election win for Narendra Modi’s party is worse than a short-seller attack... All 10 Adani stocks plummeted, wiping out almost $45 billion in group market value."

• Indian tycoon’s fortune shrinks by $25 billion as stocks slump
• Adani’s empire and Modi are deeply entwined to investors

By Ashutosh Joshi, Alexander Sazonov, and Sanjai P R, Bloomberg, 5 June 2024.

The Indian tycoon’s wealth tumbled by almost $25 billion Tuesday 4 June, the biggest one-day loss for an Asian billionaire ever, after the Modi-led political alliance failed to deliver the landslide electoral victory predicted by exit polls.

Adani’s rapid descent from one of the year’s biggest wealth gainers is a stark reminder that investors see his conglomerate’s fortunes as being tied to Modi’s mandate as India’s leader. The Adani Group and its founder have maintained that they have no improper relationship with the government and can execute their ambitious infrastructure projects under any administration.

Both Modi and Adani hail from the western Indian state of Gujarat and have risen in tandem, with the tycoon’s sprawling business built on a close alignment with Modi’s nation-building priorities in infrastructure, green energy, defense and digital services.

Read the full story on Bloomberg.