Gautam Adani on Government Relations

In August 2022 an Adani unit declared intent to buy RRPR Holding — owner of 29.18% of NDTV — and made an open offer for another 26%. NDTV's founders said Adani acquired the stake via a third party 'without discussion, consent or notice.' The Economist later described NDTV as previously 'critical of the government but is now supine,' raising editorial-independence concerns given Adani's perceived proximity to Prime Minister Narendra Modi.

Adani has been described as close to Prime Minister Modi and the BJP government, leading to allegations of cronyism that he denies. The perception intensified as the group's market capitalization ballooned and as it won large infrastructure mandates across port, airport, power and renewable energy auctions during Modi's tenure.

Politically, the second Hindenburg salvo split along predictable lines: BJP lawmaker Ravi Shankar Prasad called it a 'baseless attack' issued in lieu of responding to SEBI's show-cause notice, while opposition leader Rahul Gandhi argued on X that 'the integrity of SEBI... has been gravely compromised by the allegations against its chairperson.' The Adani question had become a proxy for broader political contestation over regulatory independence.