A strange news report briefly rattles the Adani Group

So when the share prices of the Adani Group’s six listed entities plunged on June 14th, heads spun. That day the, an Indian newspaper, reported that the National Securities Depository, which clears stockmarket trades, had frozen the shares held by three funds based in Mauritius owing to insufficient information about their underlying investors. All three funds were registered at the same address and appear to have a combined $6bn or so in Adani Group assets.

The Adani Group immediately issued a statement calling the story “blatantly erroneous”. It was vindicated after the clearing house cleared up that the funds were not in fact frozen. The affected shares largely recouped their losses. Securities firms rushed to put out reports underscoring that the odd movements in share prices did not reflect a change in the group’s prospects, which appear bright. Mr Adani’s companies have recently won big contracts to run airports and exploit energy fields.

That was not the end of the confusion, however. In a regulatory filing on June 15th the Adani Group noted that some trading in the three Mauritian funds had in fact been suspended because of an order issued several years ago. It gave no details of the suspension. That in turn set tongues in India’s gossipy business world wagging. Some wondered if this is a sign of a regulatory crackdown on plutocrats of the sort now under way in China.

The episode also brought renewed attention to a quirk of Indian corporate ownership—and its uncertain future. To cope with India’s extensive, bewildering and intrusive tax regime, foreign investors have for years invested in the country through Mauritius, which has a tax treaty with India. That pact has been amended over time.

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