The Adani Group of Companies all nine have lost about a third of their market value. This came out on the morning when Adani launched a $2.5 billion share offering. The devastation in the market was so severe that it pushed the market price below the price of the share offering, which would seem to have scuttled the deal. But at the end of the day, they were able to still sell the $2. 5 billion worth of shares that they wanted to sell.
The Adani Group, one of India’s biggest conglomerates, has come under fire from a tiny American research firm. A successful secondary share sale amid a rout in the markets leaves many questions—and proves revealing about India Inc. Our correspondent explains why Mexico is so well-placed to navigate the electric-vehicle transition. And the unlikely rise of MAGA rap artists.
For full access to print, digital and audio editions of The Economist, subscribe here www.economist.com/intelligenceoffer