Standard & Poor's (better called the S&P), Fitch and Moody are the three prominent players in the world of credit rating. Their words have such a significant impact on the speculative markets all over the world that one can safely call them the ventriloquists of the modern era. But reputation is a goose laying golden eggs; it must be well-fed and well-kept. Therefore, it's surprising that when Fitch's holding CreditSights reported that the Adani enterprises were deeply debt leveraged, the regulating authorities should have batted their eyelids. A lousy bureaucracy is no excuse for a country aspiring to be in the top 5 of the world's stock markets. In fact, a BBB- is a stern warning that we are looking at the humble origins of the 2008 subprime crisis.
There is a lack of evidence to point out that Adani was at fault, But if the stock markets were a great poker game, Adani's dominating position in the flop is heavily challenged in the turn. Unsettling questions like how a stock could skyrocket on the basis of simple acquisitions, the Adani's are no Apple, which aims at disrupting the market; they are building an empire, which often gives a slow and tedious growth. Yet, there is a final show of hands left as the river approaches; with the FPOs delayed and a bloodbath in the markets, Adani's have to quickly summon their gear and prevent the deemed collapse. As with Hindenburg, are they conjuring a conspiracy or uncovering a con with their opprobrious report; time will tell.