India’s opposition parties seem to think they have the jump on Prime Minister Narendra Modi after the New York investment firm Hindenburg Research made explosive charges late last month of stock manipulation and accounting fraud against India’s ports-to-cement Adani Group. The allegations may hurt the Indian economy and set back billionaire Gautam Adani, though his conglomerate vociferously denies the accusations. But, barring dramatic new revelations, they are unlikely to cause Mr. Modi serious political trouble.
That may seem counterintuitive to those familiar with the careers of Messrs. Modi and Adani. For more than two decades, their stars have risen in tandem. In 2002 Mr. Adani, a relatively unknown private port operator in Mr. Modi’s home state of Gujarat, broke with many Indian businessmen by publicly backing Mr. Modi after anti-Muslim riots on his watch as chief minister killed more than 1,000 people. In 2014, Mr. Modi used an Adani Group jet to campaign across the country and to fly from Gujarat to Delhi for his inauguration as prime minister.
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