There is an avalanche of support for embattled Gautam Adani by captains of Indian industry and the ruling party ever since the US based investor Hindenburg Research dropped a bombshell.
The beleaguered Adani group has a huge exposure of loans from SBI and LIC but the government plays down the loan angle.
However, account holders of SBI and insurers of LIC do not buy this argument as most of them have reduced their exposure in both these two entities.
Back home the three contentious linear projects being fast-tracked have the stigma of Adani overhang in the movement of coal from the Mormugao terminal.
In a related issue of Mhadei, the claim of Karnataka that the water is required for drinking and agricultural purposes sounds hollow as there is a linkage of water too as a feedstock to both the plants owned by Adani.
All said and done, the downfall of this conglomerate is on cards and may play spoilsport for BJP in the run up to 2024 general elections.
