The Hindenburg effect

The Hindenburg report has brought India’s richest man, Gautam Adani hurtling down the ranks even as the bloodbath in the stock markets continues

- SHUTAPA PAUL

Gautam Adani has been a lucky man. Not fortunate G because he was India and Asia's richest man and briefly, second-richest in the world. But because he's escaped grave physical and mortal danger - not once but twice! On January 1, 1998, Adani and his associate, Shantilal Patel were abducted at gunpoint as they left Karnavati Club in Ahmedabad. The kidnappers were allegedly affiliated to don Dawood Ibrahim.

Reportedly, a ransom of Rs 15 crore was demanded. While it's unclear if the ransom was paid, the duo was let off the next day. Curiously, some years later, the abductors were also acquitted for lack of evidence.

In 2008, Adani had another close shave with destiny. He was dining at the Taj Hotel in Mumbai on the ill-fated night of the 26/11 terror attack. If he had exited after paying the bill as was his original intention, he would have been caught in the attack. Instead, his decision to hang back for another round of meetings over a cup of coffee, saved him. As the terrorists held the iconic Taj Hotel hostage, the hotel staff escorted Adani to the kitchen, after which he spent the night in the basement and the hall before ultimately being rescued by commandos in the morning.

Adani had Lady Luck shine on him on both occasions.

Almost 15 years later, Gautam Adani faces yet another challenge as the US-based short-seller, Hindenburg Research, rocked his business and his future. Hindenburg, aptly named after the German commercial passenger airship that caught fire in 1937 killing 36 people, jolted the Indian business magnate with its detailed report of multiple counts of alleged "brazen stock manipulation and accounting fraud". Adani has refuted all the charges but the repercussions on its stock have been brutal.